Markets pare early gains to end flat in a session of volatile trade

Sensex slips 38 pts as metal stocks crack

In a highly choppy session, equity benchmarks pared early gains to settle on a flat note on Monday, with the Sensex falling 38 points amid heavy sell-off in metal stocks.

The 30-share BSE benchmark Sensex encountered volatility during the day and settled 37.78 points, or 0.07 per cent lower, at 54,288.61. During the day, it hit a high of 54,931.30 and a low of 54,191.55.

The broader NSE Nifty declined 51.45 points, or 0.32 per cent, to end at 16,214.7.

From the Sensex firms, Tata Steel tumbled the most by 12.53 per cent, followed by UltraTech Cement, ITC, PowerGrid, HDFC, HDFC Bank, HCL Technologies, and Reliance Industries.

In contrast, Mahindra & Mahindra, Maruti Suzuki India, Hindustan Unilever, Larsen & Toubro, Asian Paints, and Kotak Mahindra Bank were among the gainers.

“The Nifty once again gave up intraday gains and ended in negative. Metals stocks sold off after the levy of export duties over the weekend on iron ore and some steel intermediates,” said Deepak Jasani, head of retail research, HDFC Securities.

Meanwhile, Asian markets in Shanghai, Seoul, and Tokyo ended higher, while Hong Kong settled lower.

Equity exchanges in Europe were trading mostly higher in the afternoon session. Stock markets in the US had ended on a mixed note on Friday.

International oil benchmark Brent crude gained 1.15 per cent to $113.8 per barrel. 

Foreign institutional investors offloaded shares worth Rs 1,265.41 crore on Friday.