Indian shares gave-up all their gains to end little changed on Thursday as July derivatives contracts expire.
The S&P BSE Sensex closed unchanged at 32,383 after rising as high as 32,672 earlier in the session. The broader NSE Nifty ended flat at 10,020.
Trading was volatile as investors rolled-over their derivative contracts to August series.
But the broader sentiment remained positive following better-than-expected corporate results.
The earnings season for the April-June period has started on an encouraging note, with most of the companies reporting upbeat earnings.
Adding to the positive sentiment was Bharatiya Janata Party and Janata Dal alliance in Bihar, which indicated political stability for the Prime Minister Narendra Modi's ruling party and further cemented his dream of forming the government again in 2019, analysts said.
Among the gainers, Indiabulls Real Estate rose 1 percent after it reported a 29 percent increase in consolidated net profit.
HCL Technologies and Yes Bank gained 0.8 percent and 4.3 percent, respectively after upbeat June-quarter profits.
HDFC, HDFC Bank, Asian Paints, Kotak Mahindra Bank and State Bank of India rose between 0.8 percent and 5.5 percent.
Market breadth was in the favour of gainers, with about 2 stocks advancing to every 1 stock that declined.
In Asia, stocks hit 2007 high after the Federal Reserve signaled that inflation remains persistently below its target.
MSCI's broadest index of Asia-Pacific shares outside Japan climbed 0.9 percent to heights not seen since December 2007.