The Indian equity benchmark indices witnessed choppy trading Monday but recovered to close near the flatline as banking and financial stocks witnessed selling.
The 30-scrip Sensex closed at 58,177, as it slumped 127 points and the Nifty50 index fell 14 points to end at 17,355. The broader markets outperformed the benchmarks as both mid-caps and small-caps rallied half a percent higher. The market breadth slightly favours the declines.
Among the 50 stocks on Nifty, Coal India, Hindalco, Tata Steel, Kotak Mahindra Bank, and BPCL lead the gains, as each scrip rose over 1.5 to 4 percent higher. Four blue-chip stocks -- Hindalco, BPCL, HCL, and Bharti Airtel -- hit 52-week highs in the session.
Leading the losses were Reliance, ICICI Bank, HDFC Bank, Hindustan Unilever, and Adani Ports. Each scrip lost over 1-2 percent.
Among sectors on NSE, a strong rally was seen in IT, media, pharma, realty and metal indices, whereas Nifty Bank and financial services indices closed the day ended in the red.
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Globally, stocks started the week on the backfoot, slipping to two-and-a-half week lows on further signs of accelerating inflation as well as tax and regulatory pressures on the world's biggest companies.
After Wall Street's worst run on Friday, futures hint at a firm opening and European shares also rose. However, MSCI's world stocks benchmark slipped marginally and an index of Asia-Pacific shares outside Japan lost over a percent.
Adding to concerns is the continued acceleration in inflation, with Japan reporting wholesale prices at 13-year highs last month.
Oil prices were at one-week highs above $73 a barrel due to shuttered output in the United States following damage from Hurricane Ida.
With inputs from Reuters
(Edited by : Yashi Gupta)
First Published: IST