Benchmarks close flat after a choppy session

Benchmark stock index BSE Sensex slipped by 42 points in a volatile trade following profit-taking in IT and pharma shares and mixed global cues.

Snapping the two-day gaining streak, the 30-share BSE Sensex dipped 42.64 points or 0.05 per cent to settle at 85,524.84. During the day, it hit a high of 85,704.93 and a low of 85,342.99. The 50-share NSE Nifty closed marginally up by 4.75 points or 0.02 per cent to 26,177.15.

Among Sensex firms, Infosys, Bharti Airtel, Adani Ports, Sun Pharma, Tech Mahindra, Eternal, Axis Bank and Maruti were the major laggards. However, ITC, UltraTech Cement, Tata Steel and HDFC Bank were among the gainers.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 457.34 crore on Monday, according to exchange data. Domestic Institutional Investors (DIIs), however, remained buyers as they bought equities worth Rs 4,058.22 crore.

“Equity markets ended the session on a flat note, weighed down by broad-based profit-booking at higher levels in the absence of fresh positive triggers,” Ponmudi R, CEO of Enrich Money, an online trading and wealth tech firm, said. Brent crude, the global oil benchmark, went up by 0.10 per cent to USD 62.13 per barrel.

“The domestic market traded in a narrow range and ended flat amid mixed global cues. Selling pressure persisted across most sectors, though financials and FMCG offered marginal support. “Going forward, investors are positioning for the next earnings season and monitoring evolving Fed policy expectations, as rate cut probabilities are slowly inching up for the January meeting,” Vinod Nair, Head of Research, Geojit Investments Limited, said.