Indian shares closed little changed, erasing early gains as investors remained cautious awaiting cues from the December quarterly earnings amid the biggest drop in the dollar since July while oil extended its climb.

The S&P BSE Sensex was unmoved at 27,257 while the NSE Nifty gained 0.2 percent to 8,417. The market breadth was skewed in favour of the bulls. About 870 stocks advanced, 729 declined and 308 remained unchanged on the NSE.