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This article is more than 2 year old.

Market ends with mild gains; Nifty settles below 10,900

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Indian shares gave up opening gains on Monday noon, trading volatile as crude oil prices recovered nearly 5 percent on reports that the Organization of the Petroleum Exporting Countries (Opec) has reached consensus to cut output.

Market ends with mild gains; Nifty settles below 10,900
Indian shares ended Monday’s session with mild gains as investors took to profit-booking amid a recovery in global crude oil prices, which impacted energy stocks, offsetting strong global cues. While metal and IT stocks along with auto and select private bank shares supported indexes, pharma and energy stocks dragged.
The Nifty 50 ended at 10,883, up 7.00 points or 0.06 percent from the previous close, while Sensex closed at 36,241, up 46.70 points or 0.1 percent.
Shares of Hindustan Unilever ended 4 percent up as the FMCG major announced the details of its merger deal with GlaxoSmithKline Consumer Healthcare.
Shares of Sun Pharmaceutical Industries closed 8 percent lower on reports that the Sebi is probing allegations of corporate governance issues and insider trading in the company.
(Market update as of close)
Market erases opening gains as crude oil surges 5%; pharma, energy, auto shares drag Sensex, Nifty
Indian shares gave up opening gains on Monday noon, trading volatile as crude oil prices recovered nearly 5 percent on reports that the Organization of the Petroleum Exporting Countries (Opec) has reached consensus to cut output.
Additionally, the truce between the US and China on trade war front after the meeting between President Donald Trump and his Chinese counterpart Xi Jinping at the G-20 Summit over the weekend in Argentine capital Buenos Aires also eased concerns over demand.
Investors also stayed cautious ahead of the Reserve Bank of India (RBI) meeting later this week. At 12.02 pm, the Sensex was up by just 4 points at 36,198, while the Nifty was down by nearly 8 points, to trade at 10,868. Benchmark indexes were dragged by pharma, energy, auto, consumer and private bank stocks.
Broader markets outperformed with the Nifty MidCap up by 0.63 percent, keeping market breadth in favour of advances. As many as 1,092 stocks advanced against 927 declining on the NSE. The BSE MidCap also surged 0.50 percent.
Among sectoral indexes, the Nifty Metal was up 2.42 percent leading the 31 advancing sectors. The Nifty Pharma was down by more than 2 percent, the weakest among 12 declining sectors.
Among gainers, Indiabulls Housing Finance shares surged 5 percent, while Vedanta was trading higher at 3.6 percent. Hindalco also surged 3 percent. Power Grid, Tata Steel, Coal India and Hindustan Unilever were other major gainers.
Sun Pharma traded lower by 8.65 percent, while UPL, M&M, HPCL, Bajja Finance, Reliance Industries Ltd, Hero MotoCorp and L&T dipped by up to 3 percent.
The rupee traded at 70.02 against the US dollar at 12.10 pm. The home currency had opened weak at 69.87 against greenback, slipping from Friday's close of 69.59.
Asian markets continue to outperform with Japan's Nikkei up 1 percent and Hong Kong's Hang Seng higher by 2.47 percent.
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