Indian equity markets pared majority of the morning gains and turned flat on Thursday ahead of the monthly Futures and Options (F&O) contracts’ expiry.

The S&P BSE Sensex hovered around 38,020 levels, having risen to as high as 38,414 intra-day. The Nifty50 index was trading near 11,200-mark. IT stocks — HCL Tech, TCS, and Infosys — rose over 1 per cent. Bharti Airtel gained 2 per cent after posting 15 per cent growth in Q1 revenue. while InterGlobe Aviation slipped 4 per cent before recouping losses after posting its biggest-ever quarterly loss. Reliance Industries was trading over 1 per cent higher ahead of its Q1 results announcement.

The Nifty sectoral indices were mixed, with the Nifty Pharma index, up 2 per cent, leading the list of gainers.