Mumbai, Mar 20 (IANS): Key equity indices closed on a flat note on Wednesday owing to high stock-specific volatility, after having surged for the last seven consecutive days.

The BSE Sensex closed on Wednesday at 38,386.75, gaining only 23.28 points, or 0.06 per cent, while the Nifty declined by 11.35 points, or 0.10 per cent.

On stock specific movements, Deepak Jasani of HDFC Securities said that airline stocks like Indigo and Spicejet rose due to expectations of better times for them on account of a supply crunch in the industry caused by Jet Airways grounding many aircraft following financial troubles.

"Jet Airways stock continued to fall as Etihad has shown interest in exiting the company, while the lenders remain hopeful of bringing in a resolution plan," he said.

Media stocks witnessed heavy selling with the Nifty media index falling over 3 per cent.

Real estate stocks jumped over 2 per cent on the BSE.

"Market lacked any clear direction, and with high volatility, it settled with mixed bias. Factoring tomorrow's trading holiday it was waiting for the global cues post the (US) Fed policy today," said Vinod Nair, Head of Research, Geojit Financial Services.

"Consensus is showing a status quo in the (Fed) policy while the expectation has reduced from three hikes to one in 2019. Sustained inflow from overseas funds and strength in rupee is likely to support the market in the future."

The top gainers on Sensex were Infosys, HDFC Bank, Yes Bank, Larsen and Toubro and Sun Pharma, while the laggards were NTPC, ONGC, Coal India and Tata Steel.