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Mumbai: Benchmark indices surrendered early gains to close in the negative zone on Thursday as investors preferred to cash in on recent gains ahead of key macroeconomic data releases.

After swinging 386 points intra-day, the 30-share BSE Sensex settled 166.54 points, or 0.45 per cent, lower at 37,104.28.

Similarly, the broader NSE Nifty fell 52.90 points, or 0.48 per cent, to close at 10,982.80.

Domestic investors turned cautious ahead of factory output and inflation data, traders said.

On the global front, markets rose on hopes of a resolution to the US-China trade conflict after President Donald Trump delayed by 15 days additional tariffs on some Chinese imports. Beijing had on Wednesday announced it would exempt 16 categories of products from US tariffs, ahead of their next round of trade negotiations next month.

Yes Bank, which was the top gainer in the Sensex pack on Wednesday, was the biggest loser in Thursday's session, tumbling 5.10 per cent.

Other laggards included Tata Motors, Maruti Suzuki, Axis Bank, Bharti Airtel, RIL, NTPC, Bajaj Auto, Asian Paints, ITC, Kotak Bank, Bajaj Finance and TCS, falling up to 4.76 per cent.

On the other hand, ICICI Bank, Sun Pharma, IndusInd Bank, HDFC twins, SBI, Tech Mahindra and ONGC rose up to 2.13 per cent.

"Market had done well in the last one-week and bounced back from the oversold region which was heavily impacted last month by poor economic data.

"Today it is waiting for the next set of updated data to understand whether the worst for the economy is over or if this slowdown will continue in the short-term. The outlook on these upcoming data is weak which is likely to be supported by more rate cut by RBI in the next month's policy meet," said Vinod Nair, Head of Research, Geojit Financial Services.

Sectorally, BSE auto, telecom, energy, oil and gas, realty, utilities, teck, FMCG and IT indices ended up to 1.92 per cent lower.

Finance, bankex, capital goods and basic materials gained up to 0.35 per cent.

Broader indices closed on a mixed note, with the BSE Midcap slipping 0.45 per cent and the small-cap gauge rising 0.12 per cent.

Elsewhere in Asia, Shanghai Composite Index and Nikkei settled in the green amid hopes of a resolution in the US-China trade conflict and expectations that the European Central Bank would kick off monetary easing. Hang Seng, on the other hand, ended on a tad lower.

Exchanges in Europe were trading higher in their respective early sessions.

The Indian rupee appreciated by 34 paise (intra-day) to trade at 71.32 per US dollar.

Global oil benchmark Brent crude was trading 1 per cent lower at USD 60.18 per barrel.

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