Mumbai, Dec 31 (IANS): After rising to new record highs, the main indices of the Indian equity market closed on a flat note on Thursday.

The day's FII inflows were just about Rs 1,135.59 crore on Thursday, down from their average of over Rs 1,500 crore.

Nevertheless, during the intra-day session, the NSE Nifty50 crossed the 14,000 mark for the first time ever.

The index touched a record high of 14,024.85 points amid a largely subdued trade. BSE Sensex also hit a fresh high of 47,896.97 points.

Globally, some major Asian bourses were closed for the New Year's holidays on Thursday while the handful that remained open edged up to end a tumultuous 2020 at record highs.

However, European stocks dropped in thin trading on the final trading day of a rollercoaster year even as tighter coronavirus restrictions in the UK and a move by the US to raise tariffs on some EU products dampened sentiment.

Among sectors, metals, pharma, realty and auto indices were up, while FMCG, PSU banks and financials were down

The S&P BSE Sensex closed at 47,751.33 points, higher by just 5.11 points, or 0.01 per cent, from its previous close.

The NSE Nifty50 ended the day's trade session at 13,981.75 points, inching down by 0.20 points from its previous close.

"Nifty touched 14,000 on the final day of the calendar year. Despite low institutional presence, the broader markets continue to do well," said Deepak Jasani, Head of Retail Research at HDFC Securities.

"There are no negative triggers on the horizon and hence the gradual move up could continue."

Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services, said: "Intermittent corrections cannot be ruled out as there is a risk of second wave of Covid-19 and thus sustenance of economic recovery holds the key."

"From next 12 months perspective, we are positive on IT, BFSI, Healthcare, Telecom, Auto and Consumer."