Stock Market Ends Flat: Sensex Dips 34 Points, Nifty Holds 18,700. Metals Rally 2%

Ahead of the RBI monetary policy on Wednesday, the domestic equity benchmarks, Sensex and Nifty, oscillated between gains and losses on Monday. The two indices, however, recouped some of their losses and ended in the red amid volatility.

The S&P BSE Sensex closed at 62,835, down 34 points, while the broader NSE Nifty50 ended at 18,701, up 5 points.

On the 30-share Sensex platform, Reliance was the prime loser, down 1.46 per cent, followed by TechM, UltraCemco, Dr Reddy, Axis Bank, Bharti Airtel, and others. On the flip side, Tata Steel, NTPC, SBI, IndusInd, PowerGrid, Asian Paint emerged major winners.

In the broader markets, the BSE MidCap and SmallCap indices added 0.10 per cent and 0.25 per cent, respectively.

Within the mid- and small-cap space, M&M Financial Services, SJVN, Aditya Nirla Capital, Bajaj Hindustan Sugars, SEPC, Sadbhav Engineering, and Satin Credit Care were the winners.

Sectorwise, the Nifty Metal index gained nearly 2 per cent as easing Covid-19 related restrictions in China boosted hopes of global commodity demand. On the downside, the Nifty IT index slipped 0.7 per cent.

In the previous session on Friday, the 30-share BSE benchmark fell 416 points (0.66 per cent) to end at 62,868. The Nifty dipped 116 points (0.62 per cent) to end at 18,696.

Elsewhere in Asia, markets in Tokyo, Shanghai and Hong Kong settled higher, while Seoul ended lower.

Equity exchanges in Europe were trading mostly lower in the afternoon trade. Wall Street had ended on a mixed note on Friday.

Foreign Institutional Investors (FIIs) bought shares worth Rs 214.76 crore on Friday, as per exchange data.

Global oil benchmark Brent crude futures rose 1.82 per cent to $87.13 per barrel.

Meanwhile, the rupee pared its initial gains to settle down by 47 paise at 81.80 (provisional) against the US dollar on Monday weighed down by weak domestic markets and rise in crude oil prices.

Forex traders said a weak dollar in the overseas market cushioned the downside for the local unit.

At the interbank foreign exchange market, the local unit opened at 81.26, but pared the gains and ended at 81.80, down 47 paise over its previous close. During the day, the local unit witnessed an intraday high of 81.25 and a low of 81.82. On Friday, the rupee had settled down by 7 paise at 81.33 against the dollar.