Mumbai. Trading in the local stock markets remained limited on Monday and the BSE Sensex fell marginally by 12 points. In the absence of any concrete indication, investors kept away from the market. According to experts, participants also booked profits in major stocks amid concerns over high valuations.
The trading remained in a limited range and the 30-share BSE Sensex closed with a marginal decline of 12.16 points or 0.02 percent at 80,424.68 points. During the trading, it went up to 80,724.40 points and came down to 80,332.65 points.
However, the National Stock Exchange’s Nifty closed at 24,572.65 points with a gain of 31.50 points or 0.13 percent. Among the companies included in the Sensex, Mahindra & Mahindra, IndusInd Bank, Bharti Airtel, Axis Bank, Tata Motors and ICICI Bank were major losers.
On the contrary, Tata Steel, Tata Consultancy Services, NTPC, JSW Steel, Asian Paints and Reliance Industries are among the stocks that made gains. Vinod Nair, Head of Research, Geojit Financial Services, said, “The domestic market could not maintain the initial gains. The reason for this was profit booking in vehicle stocks, especially due to the slowdown in demand.” In other Asian markets, China’s Shanghai Composite and Hong Kong’s Hang Seng made gains while South Korea’s Kospi and Japan’s Nikkei were in losses. There was a bullish trend during trading in major European markets. US markets were in the lead on Friday.
Religare Broking Ltd. Senior Vice President Ajit Mishra said, “The market started this week on a low note. The market remained stable after the rise on Friday. Nifty remained in a limited range after the initial gain.” According to stock market data, foreign institutional investors bought shares worth Rs 766.52 crore on Friday. On the other hand, domestic institutional investors (DIIs) bought shares worth Rs 2,606.18 crore. Global oil benchmark Brent crude slipped 0.82 percent to $ 79.03 per barrel. The BSE Sensex was up 1,330.96 points on Friday, while the Nifty rose 397.40 points.