Indian markets on Monday closed with gains, but slipped from early highs.
TCS, which hit a market cap of $102 billion intra-day, slipped 4% from its high to close with minor gains of 0.2%.
IT stocks, that was kept market higher for major part of the day, failed to hold on to gains. Infosys, HCL Tech, Tech Mahindra and other IT stocks also faced the same fate.
Other drags on the market were FMCG and stocks from the capital goods space.
The Sensex closed with gains of 35 points at 34,451, while the Nifty advanced 21 points to 10,585.
From broader markets, the Nifty Midcap Index gained 101 points to 20,006. The Nifty Bank index slipped 124 points from highs to close with gains of 17 points at 24,961.
In the day’s trade, the Nifty hit two-month high of 10,638, while the Sensex had surged to 34,664 points.
But second half of the session saw major part of gains being erased by sell-off seen in IT stocks.
On the earnings front, Cholamandalam Finance reported sharp improvement in asset quality with gross NPA coming in at 2.94%, against 4.66% last quarter. Net NPA at 1.66% compared to 2.34%.
In the derivatives space, the most active option have been the Nifty 10,600 and 10,550 Puts. Both the options added 8 lakh and 7 lakh shares each in open interest. The Nifty April Futures now just have a premium of 1 point against the 21-point premium on Friday.
On the global front, Asian markets largely closed in the red. The Shanghai wrapped the trade flat at 3,069, while the Nikkei fell 74 points to 22,088 and the Hang Seng slipped 164 points to 30,254.
First Published: IST