Markets remain subdued for second day; RIL, Asian Paints top drags

Equity indices stayed on the backfoot for a second straight session on Monday as investors remained cautious amid unabated selling by foreign funds and elevated crude oil prices ahead of the Reserve Bank of India’s (RBI's) policy decision later this week.

After tumbling over 450 points in early trade, the 30-share BSE Sensex clawed back some lost ground to end at 55,675.32, down 93.91 points or 0.17 per cent.

On similar lines, the broader NSE Nifty dipped 14.75 points or 0.09 per cent to finish at 16,569.55.
 

Asian Paints was the top laggard in the Sensex pack, tumbling 2.36 per cent, followed by UltraTech Cement, Bajaj Finserv, Nestle India, L&T, Axis Bank, Dr Reddy's and HUL.

In contrast, Tata Steel, IndusInd Bank, M&M, ITC, Kotak Mahindra Bank, Infosys and ICICI Bank were among the gainers, rising up to 0.99 per cent. The market breadth was negative, with 21 of the 30 Sensex components closing with losses.

"Indian markets opened in negative following mixed Asian market cues. During the afternoon session, markets trimmed their losses and traded in neutral to marginally in green. Markets continued to trade indecisively ahead of the RBI's monetary policy meet this week," said Narendra Solanki, head,  equity research (fundamental), Anand Rathi Shares & Stock Brokers.