Updates for markets close

By Bharath Rajeswaran

May 21 (Reuters) - India's equity benchmarks finished flat on Thursday on subdued market sentiment after a rebound in oil prices rekindled concerns over inflation for crude-importing India, with earnings-led gains from specific companies limiting losses.

The Nifty 50 .NSEI fell 0.02% to 23,654.70 and the BSE Sensex .BSESN shed 0.18% to 75,183.36, in a session marking the Sensex's weekly derivatives expiry.

Derivative expiry sessions typically see heightened volatility as investors roll over or close large positions, boosting trading activity.

Both benchmarks rose about 0.8% in intraday trade, following crude's LCOc1 overnight fall of 5.6% after U.S. President Donald Trump said negotiations with Tehran were in their "final stages".

Brent traded at around $104 a barrel on Thursday following Iran's announcement of steps to tighten its control over the Strait of Hormuz, with the global market likely only months away from a breaking point - a prolonged supply crunch.

India's central bank is likely to start raising interest rates as early as June on increasing inflation risks from higher crude prices, ​economists at Standard Chartered said.

"The fourth quarter results have been, so far, good. The negative impact of the energy crisis will be felt in the first quarter of fiscal 2027. But if crude price continues to decline, the remaining quarters will be reasonably good," said VK Vijayakumar, chief investment strategist at Geojit Investments.

Eleven of the 16 major sectors advanced on Thursday. The broader small-caps .NIFSMCP100 rose 0.6% and mid-caps .NIFMDCP100 settled flat.

Nifty 50 constituents Apollo Hospitals APLH.NS and Grasim Industries GRAS.NS rose 3.1% and 6.2% to hit record highs following quarterly earnings results.

The index's heavyweight constituents traded in a mixed fashion, with ICICI Bank ICBK.NS up 0.6% and Reliance Industries RELI.NS down 0.7%.

Among other stocks, eyewear retailer Lenskart Solutions LENS.NS jumped 2.4% after it posted a quarterly revenue jump.

Electric two-wheeler maker Ola Electric OLAE.NS lost 3.9% as March-quarter revenue fell.