Sensex ends 50 points higher

The S&P BSE Sensex ended up 50 points at 24,486 and the Nifty50 ended up 14 points at 7,436.

Benchmark share indices ended flat after global prices resumed their downward trend while caution ahead of expiry of January derivative contracts capped upside gains.

The S&P BSE Sensex ended up 50 points at 24,486 and the Nifty50 ended up 14 points at 7,436.

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(Updated at 2;20

Benchmark share indices were trading flat in late noon trades on Monday after European shares pared early gains and turned negative.

At 2:20pm, the S&P BSE Sensex was up 26 points at 24,461 and the Nifty50 was up 9 points at 7,431.

In the broader market, the BSE Midcap and Smallcap indices were up 0.4%-1% each. Market breadth was strong with 1,693 gainers and 791 losers on the BSE.

Foreign institutional investors continued to remain net sellers in equities to the tune of Rs 770 crore, as per provisional stock exchange.

The Indian rupee also trimmed early gains and was down 17 paise at 67.80 to the US dollar.

GLOBAL MARKETS

Asian stocks ended higher on Monday after global crude oil prices rebounded on expectations of demand for heating oil in wake of the cold weather conditions in the U.S. East coast. Further, investors will also await the decision by the Bank of Japan from its two-day meet which begins on Thursday, January 28. Nikkei ended up 0.9% while Shanghai Composite gained 0.8%. Among others in the region, Hang Seng ended up 1.3% while Straits Times rose 0.3%.

European shares were trading with marginal losses after opening with marginal gains after crude oil prices pared intra-day gains. The CAC-40, DAX and FTSE-100 were down 0.2% each.

SECTORS & STOCKS

BSE Consumer Durables and Metal indices were the top gainers uo 1.4% followed by Healthcare index up 1.1% each. On the downside, BSE Capital Goods, Power, Oil & Gas indices were the top losers.

Financial stocks were among the top gainers. HDFC Bank was up 0.3% after the private sector lender announced a net profit of Rs 3,357 crore which was in line with street estimates. However, gross NPAs rose to 0.97% compared with 0.91% quarter-on-quarter while net NPAs were up at 0.29% versus 0.25% quarter-on-quarter. Mortgage lender HDFC was up 1.4%. ICICI Bank was up 0.4%.

Pharma shares also witnessed renewed buying interest with Sun Pharma leading the gains up 2.3% followed by Dr Reddy's Labs and Cipla.

Oil explorers gained tracking rebound in global crude oil prices. ONGC was up 1.3% while Cairn India gained nearly 7%.

Among other shares, Kitex Garments has plunged 17% to Rs 451, also its 52-week low on the National Stock Exchange (NSE), after the company reported a single digit 4% year-on-year (YoY) growth in net profit at Rs 24 crore for the third quarter ended December 2015 (Q3), due to lower sales.