Indian benchmark indices closed largely unchanged on Thursday after surrendering most of their early advances, as profit booking at higher levels capped gains despite positive opening momentum.

The BSE Sensex fell 135.03 points, or 0.2%, to close at 75,183.36, while the NSE Nifty 50 slipped 4.30 points, or 0.02%, to settle at 23,654.70.

Markets opened sharply higher and extended gains in early trade, supported by heavyweight stocks. However, sentiment turned cautious through the session amid persistent foreign fund outflows and continued weakness in the Indian rupee.

In economic data news, the HSBC Flash India Composite Output Index eased to 58.1 in May from 58.2 in April, reflecting a moderation in growth across manufacturing and services activity.

In corporate developments, JSW Cement (NSE:JSWCEMENT, BOM:544480) surged nearly 6% after fiscal fourth-quarter consolidated profit climbed to 3.71 billion rupees from 342.2 million rupees a year earlier.

Adani Ports and Special Economic Zone (NSE:ADANIPORTS, BOM:532921) gained over 1% after agreeing to acquire Jaypee Fertilizers & Industries for 15 billion rupees as part of the resolution process for Jaiprakash Associates (NSE:JPASSOCIAT, BOM:532532).