Indian stock markets closed almost unchanged on Monday as limited buying in automobile and banking counters helped the indices recover from early losses and end a two-session downturn. The benchmark BSE Sensex rose by nearly forty points to close at 83978 while the NSE Nifty ended marginally higher at 25763
The Sensex moved in a narrow range during the session touching an intraday high of 84127 and a low of 83609 as traders stayed cautious amid lack of new domestic triggers and continued selling by foreign investors. Market analysts said that profit booking at higher levels and sustained foreign fund outflows kept the overall sentiment subdued
Mahindra and Mahindra emerged as the top performer on the Sensex gaining about one point seven percent after reporting steady sales in October. Tata Motors Passenger Vehicles also advanced one point six nine percent while State Bank of India Bharti Airtel and Kotak Mahindra Bank recorded modest gains
On the other hand Maruti Suzuki saw the sharpest fall declining by more than three percent. Other laggards included ITC Tata Consultancy Services Larsen and Toubro Bharat Electronics and Titan which all ended the session in negative territory
Data from the exchanges showed that Foreign Institutional Investors sold equities worth about six thousand seven hundred crore rupees on Friday whereas Domestic Institutional Investors turned net buyers with purchases of over seven thousand crore rupees. This buying helped limit the downside in the broader market
Elsewhere in Asia major indices such as South Korea’s Kospi China’s Shanghai Composite and Hong Kong’s Hang Seng closed higher reflecting a mixed global trend. Meanwhile global crude oil benchmark Brent slipped slightly by 0.14 percent to trade near sixty four dollars per barrel
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