The equity benchmark indices Sensex and Nifty remained volatile and settled largely flat for yet another session on Thursday, extending the ongoing consolidation phase after a report that the Reserve Bank of India (RBI) is considering various measures, including a possible interest rate hike, to stabilise the rupee.

The Nifty opened firm following stability in global markets; however, selling pressure in heavyweight shares across sectors capped the upside and gradually dragged the index lower as the session progressed. Eventually, the index settled almost unchanged 23,654.70, down 4.30 points or 0.02 percent.

The Sensex declined 135.03 points or 0.18 percent to settle at 75,183.36. During the day, it hit a high of 75,945.79 and a low of 74,996.78, gyrating 949.01 points.

Electric two-wheeler maker ?Ola ?Electric was down 4 percent after it posted lower March quarter ?revenue, with brokerages flagging pricing pressure and execution challenges as key concerns for growth and ?margins.

Eyewear retailer ?Lenskart Solutions jumped 6 percent after posting about 46 percent year-on-year growth in ?revenue ?in the March quarter.

The Reserve Bank of India is considering all available options to stabilise the rupee, including an interest rate hike, additional currency swaps and raising dollars from overseas investors, reported Bloomberg citing sources.

Top RBI officials, including Governor Sanjay Malhotra, have held a series of internal meetings to discuss possible policy measures after the rupee touched a fresh low of nearly 97 against the US dollar this week. One of the options being discussed is an increase in interest rates. The next scheduled monetary policy announcement is on June 5.

A rise in interest rates generally impacts equity markets negatively as borrowing costs for companies increase and investor sentiment weakens. Higher rates also tend to reduce liquidity in the financial system and make fixed-income investments more attractive compared to equities.