Equity benchmarks gained most of their lost ground to end modestly lower on Wednesday as global markets were whiplashed by a fresh wave of volatility after Iran launched retaliatory strikes against US forces in Iraq.

After plunging nearly 400 points in early trade, the 30-share BSE Sensex stabilised to finally settle 51.73 points, or 0.13 per cent, down at 40817.74.

Similarly, the broader Nifty shed 27.60 points, or 0.23 per cent, to finish at 12025.35.

World equities nosedived while gold and US Treasuries firmed up on safe-haven demand. Brent crude futures rose nearly 0.62 per cent to $68.67 per barrel. The rupee retraced early losses to settle 12 paise higher at 71.70 against the dollar.

Yes Bank gains 2%

Shares of Yes Bank gained over 2 per cent after the private sector lender said its board will meet on January 10 to consider raising capital.

“A meeting of the board will be held on January 10, inter-alia, to discuss and consider raising of funds by issue of equity shares/depository receipts/convertible bonds/ debentures/warrants/any other equity linked securities, through permissible modes, subject to necessary shareholders/regulatory approvals,’’ the bank said in a late evening filing to the bourses on Tuesday.

While investors have been apprehensive about the delay in capital raising, Yes Bank’s announcement led to its shares gaining 4.76 per cent in intra-day trades to Rs 47.25.

However, the counter gave up some of the gains to close at Rs 46.05, a rise of 2.11 per cent over the last close.