Mumbai, March 8 (SocialNews.XYZ) India's benchmark equity indices ended Monday's trade session on a flat-to-positive note even as high crude oil prices along with rising bond yields subdued sentiments.
Accordingly, the two key indices had a gap-up opening, subsequently they rose to make respective intra day highs but fears of inflationary pressures due to high oil prices spooked investors.
Globally, Asian shares broadly reversed course to trade lower on Monday as higher crude oil prices raised inflation worries.
On the other hand, European stocks rose with bond yields near one-year highs as the world's largest economy was on the verge of adding $1.9 trillion in stimulus.
Besides, volumes were below recent averages signalling lower institutional participation.
On Monday, FIIs pulled out Rs 1,494.49 crore from the Indian markets.
Among sectors, PSU bank, media, metals gained the most, while realty, FMCG, Auto lost the most.
Consequently, the S&P BSE Sensex rose by just 35.75 points, or 0.07 per cent, to 50,441.07 points from the previous close of 50,405.32.
The NSE Nifty50 on the National Stock Exchange closed at 14,956.20, inched up 18.10 points, or 0.12 per cent, from its previous close.
"Nifty has started the week on a weak note giving up the early gain mainly due to weak Asian cues later in the day. Nifty is repeatedly facing selling pressure from 15,100-15,200 band," said Deepak Jasani- Head of Retail Research at HDFC Securities.
"So far 14,862 levels have provided support. A breach of this level could take the Nifty to 14,637-14,725 band."
According to Vinod Nair, Head of Research at Geojit Financial Services: "Domestic markets pared its early gains taking cues from weak Asian markets, falling US futures and rising oil prices. Oil and Gas, PSU banks and metal stocks were the sectors in focus."
"Oil prices were parked near record highs following geo-political issues in the Gulf while reports of the progress of PSU bank privatisation tempered buying in PSBs."
Source: IANS
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