Equity benchmarks Sensex and Nifty ended on a flat note after range-bound trade on Tuesday as investors booked profits at higher levels following the market's sharp recovery over the past few sessions.

The 30-share BSE Sensex settled 14.37 points or 0.03 per cent lower at 50,637.53, while the broader NSE Nifty advanced 10.75 points or 0.07 per cent to 15,208.45.

Asian Paints was the top gainer in the Sensex pack, advancing over 3 per cent, followed by Titan, Bajaj Finserv, ONGC, Infosys and TCS.

On the other hand, HDFC Bank, Axis Bank, Reliance Industries, IndusInd Bank, HDFC and ITC were among the laggards.

"Domestic equities traded in a range. While BFSIs witnessed some profit-booking after sharp recovery recorded in last couple of trading days, others traded positively," said Binod Modi, Head Strategy at Reliance Securities.

Notably, metal stocks witnessed recovery as sharp correction in last couple of days brought investors' interest back to metal companies, which have report robust earnings performance in 4Q FY21 and guided healthy performance in ensuing quarters, he added.

He, however, stated that investors will continue to focus on trajectory of daily COVID-19 cases and vaccination ramp up in the country in the near term, and possible withdrawal of restrictions in a phased manner by states from next week should boost market mood.

Elsewhere in Asia, bourses in Shanghai, Hong Kong, Seoul and Tokyo ended on a positive note.

Equities in Europe were largely trading with gains in mid-session deals.

Meanwhile, international oil benchmark Brent crude was trading 0.50 per cent lower at USD 68.03 per barrel.