Equity benchmark indices Sensex and Nifty surrendered early gains to close almost flat in a highly volatile trade on Friday as uncertainties over the global trade war sapped investor’s risk appetite.

Snapping its two-day winning streak, the 30-share BSE Sensex slipped 7.51 points to settle at 74,332.58.

During the mid-session, it climbed 246.34 points or 0.33 per cent to hit an intra-day high of 74,586.43.

However, the broader Nifty of NSE edged up 7.80 points to close at 22,552.50.

During the day, the 50-share barometer rose 89 points or 0.39 per cent to hit a high of 22,633.80.

“The global market is experiencing a heightened uncertainty due to US tariff impositions and counter threats from its peers.

“This ambiguity has led to increased risk aversion and diminished appeal of equities.

“EMs have been particularly affected, experiencing significant outflows.

“Lately, the S&P 500 index is showing signs of a deeper correction, reflecting concerns about the potential impact of tariffs on the US economy. In contrast, Indian markets have demonstrated resilience off-late despite looming trade war,” Vinod Nair, head of research, Geojit Financial Services, said.

From the Sensex pack, Zomato, IndusInd Bank, NTPC, Infosys, HCL Technologies, Titan, Power Grid, Hindustan Unilever, Tech Mahindra and ITC were among the gainers.

On the other hand, Reliance Industries, Nestle India, Tata Motors, Adani Ports, Tata Steel, UltraTech Cement and Kotak Mahindra Bank were the laggards.

In Asian markets, Tokyo, Shanghai, Hong Kong and Seoul ended lower.

Meanwhile, Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,377.32 crore, while Domestic Institutional Investors (DIIs) bought equities worth Rs 1,617.80 crore on net basis on Thursday, according to exchange data.

Global oil benchmark Brent crude rose 1.32 per cent to $70.38 a barrel.

“While a recovery in corporate earnings could significantly improve the domestic sentiments.

“Investors could go overweight on large caps given stability in earnings and increasing valuation comfort,” Nair said.