Sensex reverses gain, trades flat; rupee crosses 70

Reversing early gains, the key equity indices traded in the red during the afternoon trade session on Monday as investors reacted to disappointing macro-economic data and a rise in global crude oil prices.

According to market observers, investors reacted on weak second-quarter GDP figure and widening fiscal deficit made known after the markets closed on Friday.

In addition, investor sentiments were also weighed down by a slowdown in vehicle sales.

While the financials traded on a flat note, realty, power and utility stocks gained over 2 per cent. In contrast, the healthcare and auto stocks witnessed selling pressure.

Besides, ahead of the OPEC meeting this week, the crude oil prices surged on expectations of supply cuts by the oil cartel. The benchmark Brent Crude traded higher at $62.07 a barrel.

Even the domestic currency weakened 63 paise against the US dollar, trading at Rs 70.22 from its previous close of 69.59.

At 1.33 p.m, the S&P BSE Sensex traded 30.38 points lower at 36,163.92 from its previous close of 36,194.30. The benchmark index touched a high of 36,446.16 and a low of 36,099.68 while NSE's Nifty50 traded just 9.55 points lower at 10,867.20.

The markets had opened on a positive note in line with global markets on signs of easing US-China trade tension who agreed to halt additional tariffs in the G20 meeting in Buenos Aires.

--IANS

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