Indian markets ended on a flat note on Wednesday, with the Bombay Stock Exchange Sensex rising only 21.98 points to close at 27,257.64 and the National Stock Exchange Nifty gaining 19 points to end at 8,417. This came after the headline indices made significant gains during early morning trade despite weak global cues, particularly from speculation over United States President-elect Donald Trump’s economic policies.

Tata Steel was the day’s biggest gainer, closing 3.24% higher at Rs 468.95. Adani Power, Hindustan Zinc and Steel Authority of India also performed well on the BSE index. The BSE Midcap and Smallcap sub-indices also closed 0.5% and 0.6% higher.

On the NSE index, all sectoral indices, except automobiles and realty, ended in the green. The Nifty Bank Index closed 0.5% higher after hitting its highest level in two months during intra-day trading. The rupee traded at 68.01 against the US dollar.

During morning trade, Sensex gained 166 points and Nifty50 traded at 8,453.05. Asian markets also registered gains, with Japan’s Nikkei 225 ending 0.4% higher and Hong Kong’s Hang Seng gaining 1.1%, AP reported. Asian stocks traded at three-month highs during morning trade.

European markets weakened after Trump said a strong dollar was a disadvantage and British Prime Minister Theresa May said the United Kingdom would exit the European single market after leaving the European Union.