Nifty Hit Record Highs Before Closing Flat

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Indian shares hit fresh record highs in intraday trade on Tuesday, but gave up most gains to end the session on a flat note ahead of trade talks between the world's two largest economies.

The benchmark BSE Sensex hit an intraday high of 38,402.96 before finishing up 7 points at 38,285.75. The broader Nifty index closed at 11,570.90, up 19.15 points or 0.17 percent from its previous close.

The rupee was trading higher for the second straight session after U.S. President Donald Trump accused China and Europe of manipulating their currencies and said he was "not thrilled" with the Federal Reserve for raising interest rates.

Grasim, Lupin, Coal India, Tech Mahindra and UPL climbed 2-5 percent in the Nifty pack, while Mahindra & Mahindra, Hindustan Unilever, Vedanta, BPCL and Tata Steel dropped 1-3 percent.