Mumbai, Feb 28 (PTI) Equity benchmark indices Sensex and Nifty started the trade on an optimistic note on Wednesday but later quoted flat in a highly volatile trade amid mixed global market cues.

Derivatives expiry on Thursday also fuelled volatility in the domestic market, traders said.

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The 30-share BSE Sensex climbed 83.06 points to 73,178.28 in early trade. The Nifty went up by 27.95 points to 22,226.30. But, later both the benchmark indices were oscillating between highs and lows.

Among the Sensex firms, Bharti Airtel, Tata Motors, State Bank of India, Tata Steel, Reliance Industries and Kotak Mahindra Bank were the major gainers.

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Asian Paints, UltraTech Cement, Wipro and Larsen & Toubro were among the laggards.

In Asian markets, Seoul quoted with gains while Tokyo, Shanghai and Hong Kong traded lower.

The US markets ended mostly higher on Tuesday.

"Market is likely to be in a range-bound zone in the near term. The present range-bound consolidation phase is likely to continue for some time in the absence of strong positive or negative triggers," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

The BSE benchmark climbed 305.09 points or 0.42 per cent to settle at 73,095.22 on Tuesday. The Nifty ended 76.30 points or 0.34 per cent up at 22,198.35.

Global oil benchmark Brent crude declined 0.40 per cent to USD 83.30 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,509.16 crore on Tuesday, according to exchange data.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)