The Premier League strugglers were lacklustre in the first half, recording just one touch in the opposition box before the half-hour mark.
Although Saints improved after the break, they could not breach the Leicester defence, and had to hang on in the latter stages to ultimately settle for a point.
The result did little to boost Southampton's survival hopes, keeping them four points adrift of safety with just four games remaining and boasting only one league victory in their last 21 games.
"We hoped to get more out of the game and we had a couple of chances," Hughes told BBC Sport. "Their keeper has made a good save against Shane Long but we were up against a good side and we had to stay in the game.
"Clearly we would have liked to have been more expansive but we got a point, and we play at home next which is huge for us. Only time will tell to see whether the point is enough for us. There was a little bit of apprehension in our play which is understandable, but I can't fault the players, they put in a shift during a warm evening.
"The players are a little bit flat and we have got a big game at the weekend but we are not in the situation where we are downhearted. It's the disappointment of not getting maximum points, but the key was to get something from the game."
Southampton take on Bournemouth, Everton, Swansea City and Manchester City in their final four games of the campaign.