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The benchmark indices were trading flat in the afternoon session on Monday, dragged by metal, PSU Bank and Oil & Gas stocks.
After scaling new peaks, the benchmark indices opened on a positive note amid mixed global cues. The market remained rangebound owing to a lack of fresh triggers. On the global front, Asian bourses recovered from early losses after sharp falls in gold and oil prices had worried investors, while US indices had closed on a mixed note on Friday.
At 1 pm, the BSE Sensex was ruling at 54,326.02, up 48.3 points or 0.09 per cent. It hit an intraday high of 54,584.73 and a low of 54,263.07. The Nifty 50, after recording an intraday high of 16,320.75, was trading at 16,246.05, up 7.85 points or 0.05 per cent. It recorded an intraday low of 16,227.90.
Mahindra & Mahindra, Bajaj Finserv, Axis Bank, Tech Mahindra and Cipla were the top gainers on the Nifty 50, while Coal India, Bharti Airtel, Tata Consumer, Hindalco and ONGC were the top laggards.
According to Gaurav Garg, Head of Research, CapitalVia Global Research Ltd, investor sentiments were boosted during the early trade as the Confederation of Indian Industry (CII) said that Prime Minister Narendra Modi's objective of $400 billion in exports this year is realistic, given the current global condition of post-pandemic economic recovery and increased competitiveness of Indian goods.
Financials, auto in focus
On the sectoral front, while metals and oil & gas stocks were under pressure, financials excluding PSU Bank, auto and IT gained. Pharma and realty stocks also tracked losses.
Nifty Bank was up 0.33 per cent, while Nifty Financial Services was up 0.14 per cent. Nifty Auto was up 0.33 per cent, while Nifty IT was up 0.29 per cent.
Meanwhile, Nifty Metal was down 1.45 per cent. Nifty PSU Bank was down 0.91 per cent, while Nifty oil & gas was down 1.05 per cent. Nifty Realty was trading 0.29 per cent lower, while Nifty Pharma was down 0.12 per cent.
Broader indices
Midcap and smallcap stocks witnessed profit-booking.
Nifty Midcap 50 was down 1.09 per cent, while Nifty Smallcap 50 was down 1.20 per cent. The S&P BSE Midcap was down 0.90 per cent, while the S&P BSE Smallcap was down 0.66 per cent.
The volatility index rose 0.15 per cent to 12.63.
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