Sensex and Nifty closed flat in a muted trade activity on Tuesday as investors\u00a0waited for the second-quarter earnings of Wipro and Axis Bank. BSE Sensex dropped\u00a024.48 points to end at\u00a032,609.16 points while NSE Nifty closed\u00a03.6 points higher at\u00a010,234.45. The sell-off in the blue-chip shares such as Infosys, Axis Bank, HDFC Bank led the benchmark indices\u00a0to settle flat. The stock of Bharti Airtel advanced for the third day in a row, hit a fresh 52-week high, rose as much as 2.86% at Rs 465.95 on BSE. "Markets opened flat for the session, remained largely range bound and closed the session flat for the day. Sentiment continues to remain upbeat with most analysts calling for higher levels in the next year. Overall we maintain that Indian markets have largely outperformed their global peers over the last three years, and are beginning to reach frothy territory, the earnings at present are not keeping up with the pace at which markets are moving up. Bharti continues to rally, BPCL and\u00a0Cipla were the other high performers for the day. We maintain a bullish outlook long-term, but believe short-term volatility is warranted at this juncture," said\u00a0Nikhil Kamath, Co-Founder and Head of Trading, Zerodha. Shares of Cipla, Asian Paints, Bajaj Auto, Hero MotoCorp, and M&M were the\u00a0top gainers other than Airtel, gained up to 4.09% while on the other hand Axis Bank, Tata Motors, Infosys, Dr Reddy's, Kotak Mahindra Bank, and State Bank of India lost up to 1.44%. The stocks of heavyweight companies such as Infosys, HDFC Bank, Axis Bank, Tata Motors and Kotak Mahindra Bank contributed the most to the Sensex losses. These five stocks alone washed off 58 points while shares of Airtel, Cipla, TCS, and Asian Paints helped to trim the downfall. The domestic stock markets would be closed on Thursday and Friday for Diwali. Indian equity markets will open on Thursday for an hour for Muhurat trading session on the auspicious occasion of Diwali.