Markets opened marginally higher but failed to sustain early gains tracking weakness in bank, oil and gas shares.
The 30-share Sensex was up 7 points at 17,229 after touching a high of 17,270 and a low of 17,157 and the Nifty was up 4 points at 5,239.
On the global front. the Dow and the S&P 500 extended losses to a fourth day on Monday, as investors took their cues from last week's disappointing jobs report, which raised fresh concerns about the US economy's recovery.
Banks and industrials led the S&P 500's slide, with the S&P financial sector index and the S&P industrial sector index each down 1.6%. The two sectors are closely tied to the prospects for economic growth.
European markets were closed on Monday because of Easter Monday holiday. Asian markets were trading mixed with Shanghai Composite and Hang Seng both down 1% each while the Nikkei was trading marginally higher by 0.3%.
Technical Analyst Ravi Nathani suggests “buying on dips” with a strict stoploss of 5135 as per closing basis.
The intraday trading Levels Buy Above: 5249 Resistances 5257, 5271 and 5294. Sell Below: 5220 Supports at 5212, 5197 and 5175.
GAIL (India) was the top Sensex loser down 5.3% on fears that the petroleum and natural gas regulator would direct it to reduce gas supply prices. Among other shares in the oil and gas space, ONGC was down 1% at Rs 266.
Among bank shares in the Sensex, HDFC Bank was down nearly 1%. Among other Sensex losers BHEL, Coal India and Hero Motocorp were all down over 1.3% each.
Among the sectoral indices on the BSE, the Oil and Gas and PSU indices were down 1% each while gainers include FMCG and IT indices which were trading with marginal gains.
Among other shares, Indraprastha Gas Limited (IGL) has tanked 46% to Rs 188 after the Petroleum and Natural Gas Regulatory Board (PNGRB) has directed IGL to reduce prices for Delhi consumers with effect from on Monday after factoring in the reduction in both network rates (levied on CNG, PNG and industrial consumers) and the compression charges on CNG.