Key Indian benchmarks close lower on Monday

Key Indian benchmarks close lower on Monday

Despite positive global cues, the Indian equity markets gave up their morning gains to trade on a flat note during the mid-afternoon session on Monday as investors booked profits.

At 1 p.m., the wider Nifty50 of the National Stock Exchange (NSE) traded fractionally higher by 4.05 points or 0.04 per cent at 10,070.45 points.

The Sensex touched a high of 32,396.14 points and a low of 32,235.82 points during intra-day trade.

The 30-share BSE Sensex closed on 32,273.67, down by 51.74 points and the broader 50-share NSE Nifty lost 9 points to finish trading on 10,057.40, thereby managing to hold on to the crucial psychological mark of 10,050.

The BSE market breadth was bullish with 817 advances and 429 declines.

Indian equities ended lower on Monday erasing earlier gains. "The main indices stayed in a small range of trade", Deepak Jasani, Head of Retail Research, HDFC Securities, told IANS.

More news: BEST workers to go on strike today

"Predominantly, we're not expecting a major upswing or downswing in the market".

The Indian rupee weakened against the U.S. dollar, tracking mixed Asian currencies market. It was reported that foreign portfolio investors (FPIs) were net buyers of shares worth Rs 24.07 crore while domestic institutional investors (DIIs) pulled out shares of Rs 389.34 crore showed provisional data.

Shares of Tata Steel gained as much as 3.3 per cent to their highest in over six years.

Both the NSE index and BSE index hit record highs last week, raising concerns that factors such as positive earnings and hopes of an improving economy were already factored into prices.

Heavy selling pressure was observed in IT, teck (technology, media and entertainment) and consumer durables stocks.

Index laggards included NTPC, Dr Reddy's, M&M, Tata Motors, Bharti Airtel, Lupin, Cipla, Hindustan Unilever, Asian Paints, Axis Bank, Hero MotoCorp, HDFC Ltd, Reliance Industries, ITC, ONGC and Sun Pharma, falling up to 1.64 per cent.

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