BENGALURU: Indian shares erased gains, tracking a slide in financials as investors booked profits after strong quarterly earnings reports ahead of the federal budget due next week.

The Nifty 50 index closed flat at 18,118.30 on Tuesday, while the S&P BSE Sensex rose 0.06% to 60,978.75. Both benchmarks had risen nearly 0.5% each during the session.

Their intraday trajectory followed the high-weightage financials, which closed 0.01% higher, paring most of the intraday gains after rising as much as 0.62% during the session.

Private lender Axis Bank Ltd fell 2.41% despite posting a stronger-than-expected jump in third-quarter profit on Monday. The stock had logged gains in each of the last five sessions ahead of its results, adding 2.14%.

“The third-quarter earnings from financials have been strong. Fundamentally, there is nothing wrong with the space,” said Narendra Solanki, head of fundamental research at Anand Rathi Shares and Stock Brokers.