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He likened the current situation, especially selling in tech stocks, to the bursting of the dotcom bubble at the start of the millennium.

Throughout the session, indices traded in a small range before closing nearly flat. Select banks saw some low-level buying, providing support to the market.

“Rise in corporate loan growth is a strong indicator of economic activity. Capex growth is the start of a long runway of an entire set of economic activity in the entire valuation that happened. So this is a very strong indicator and a very good thing for the economy going ahead.”

"Spot gold prices for 24 carat gold at Delhi were up by Rs 77, reflecting overnight gains in COMEX gold prices," Tapan Patel, senior analyst (commodities) at HDFC Securities, said.

The share entitlement ratio was determined by independent valuers KPMG Valuation Services LLP and SSPA and Co, Chartered Accountants, and is based on post-bonus equity share capital of HGS.

Among the gainers Jagsonpal Pharma was high in demand, whereas Kamat Hotels found some buyers. Butterfly Gandhimathi hit an upper circuit.

The Nifty Bank index closed 0.18 per cent up at 37599.15.

“There is derating as far as equity as an asset class is concerned. We are expecting that over the next three-six months, this trend will probably continue and the market will remain range-bound and choppiness is going to be there. There is a risk off trade and certain sections of the market, which were very frothy, are going to see much more pain than other sections in the market.”

For the week, the CSI300 index gained 1.1%, rising the most in three months while the Shanghai Composite Index added 0.8%.

The pan-European STOXX 600 index rose 0.2% by 0820 GMT, with gains in automakers and miners offsetting losses in technology stocks.