Markets remain largely unchanged, SpiceJet gains over 16%

Equity benchmark indices were largely unchanged on Wednesday with lacklustre trading as investors booked profits and looked for further cues.

The BSE S & P Sensex closed 23 points higher at 38,387 but the NSE Nifty 50 was down 11 points at 11,521.

Shares of SpiceJet gained over 16 per cent on Bombay Stock Exchange and closed at Rs 91.65 each. Scrips of Indigo's parent company InterGlobe Aviation closed 7 per cent up at Rs 1,422.80.

But Jet Airways plunged 4.82 per cent to wind up the day at Rs 218. The cash-strapped airline's pilots have threatened to go on strike over unpaid salaries from April 1 with no resolution on its mounting debt in sight.

Shares of Punjab National Bank jumped suddenly during the closing hour and closed at Rs 93.55, up 3.4 per cent, after British police said fugitive billionaire jeweller Nirav Modi, the main suspect in a two billion dollar loan fraud at the bank, had been arrested in London.

Shares of Infosys closed 2.36 per cent higher on commencement of buyback offers. Vodafone Idea gained over 3 per cent after its board approved the plan to issue equity shares with a face value of Rs 10 at Rs 12.50 per equity share as rights issue aggregating up to Rs 25,000 crore.

But those of Coffee Day Enterprises fell 1.6 per cent after company's promoter V G Siddhartha sold his entire stake in Mindtree to Larsen & Toubro.

Among other gainers were Indiabulls Housing Finance, Hindalco, Larsen & Toubro, and Dr Reddy's Labs. However, Zee Entertainment, NTPC, ONGC, Hindustan Petroleum, Bharat Petroleum, and Indian Oil were among the losers.

Meanwhile, Asian shares slipped as investors took profits ahead of a policy decision by the US Federal Reserve which will reflect on interest rate plans.

Market experts said the selling was triggered by US concerns that China is pushing back against US demands in trade talks. However, officials remained locked in negotiations to thrash out a solution over tariffs.