MUMBAI, Dec 12 (PTI): The Sensex ended over 51 points lower on Monday while the Nifty settled flat amid a weak trend in global markets and continuous foreign fund outflows.
Investors remained on the sidelines ahead of industrial production and retail inflation data scheduled to be announced post-market hours, traders said.
After tumbling over 500 points in opening trade, the 30-share BSE Sensex recouped most of the losses to end 51.10 points or 0.08 per cent lower at 62,130.57.
The broader NSE Nifty closed at 18,497.15, marginally higher by 0.55 points.
Asian Paints was the top laggard in the Sensex pack, shedding 1.94 per cent, followed by Infosys, Titan, Kotak Mahindra Bank, Bharti Airtel, Power Grid, SBI and Bajaj Finserv.
In contrast, Tata Steel, Nestle India, Dr Reddy’s, Wipro, UltraTech Cement, HDFC Bank and ITC were among the winners, spurting as much as 1.18 per cent.
The market breadth was negative, with 16 of the 30 Sensex components closing in the red.
“After retreating sharply in early trades, both benchmark indices recouped most of their losses but traded range-bound in a listless trading for almost the entire trading session, as investors mostly stayed on the side lines ahead of inflation data and the US Fed meeting later this week.”
“More clarity will emerge post the US Fed meeting, which would determine the trend in the near term,” said Shrikant Chouhan, head of Equity Research (Retail), Kotak Securities Ltd.
Ajit Mishra, VP – Technical Research, Religare Broking Ltd, said,” Markets are currently dancing to the global tunes and we expect the same trend to continue, in absence of any major domestic event. Traders should focus on sectors that are showing resilience viz. banking, FMCG and metal for the long trades while the IT and pharma may continue to trade subdued.”
In the broader market, the BSE smallcap gauge gained 0.36 per cent and midcap index went higher by 0.30 per cent.
Sectorally, consumer durables dipped 0.97 per cent, followed by consumer discretionary (0.18 per cent), IT (0.57 per cent), telecommunication (0.32 per cent), teck (0.66 per cent) and auto (0.09 per cent).
Energy, industrials, capital goods, metal, oil & gas, realty and services were the winners.
Global markets started the week on a subdued note ahead of a slew of central bank meetings where they are expected to further hike rates to tame inflation.
In Asia, equity markets in Seoul, Tokyo, Shanghai and Hong Kong ended with losses.
Equity exchanges in Europe were also trading lower in mid-session deals. The US markets had ended in the negative territory on Friday.
International oil benchmark Brent crude dipped 0.80 per cent to USD 75.49 per barrel.
The rupee declined 25 paise to close at 82.53 (provisional) against the US dollar on Monday.
Foreign Institutional Investors (FIIs) remained net sellers in the capital markets on Friday as they offloaded shares worth Rs 158.01 crore, according to exchange data.