Sensex, Nifty settle almost flat in lacklustre trade

The benchmark indexes Sensex and Nifty finished practically flat in a dull trading day on Monday as investors elected to remain on the sidelines waiting for new market triggersInvestors took profits in a few bluechip stocks on concerns about high valuations According to market observers selective buying in metals oil amp gas and IT companies helped to strengthen the indices reported PTIAccording to the report ina day of rangebound trading the 30share BSE Sensex fell 1216 points or 002 per cent to settle at 8042468 Throughout the session it peaked at 8072440 and fell to 8033265 Meanwhile the NSE Nifty gained 3150 points or 013 per cent to close at 2457265The Indian market failed to maintain initial gains due to profit booking in auto stocks driven by concerns over a demand slowdown However oil stocks gained momentum after the reduction in windfall tax on crude oil The recent positive economic data from the US reduced fears of a recession and a decline in the dollar index increased expectations of a rate cut in the upcoming September FOMC meeting Vinod Nair Head of Research at Geojit Financial Services told PTIReportedly the greatest losers among the 30 Sensex corporations were Mahindra amp Mahindra IndusInd Bank Bharti Airtel Axis Bank Tata Motors and ICICI Bank Tata Steel Tata Consultancy Services NTPC JSW Steel Asian Paints and Reliance Industries fared wellMarkets traded within a narrow range due to low participation from traders likely due to the Raksha Bandhan holiday However selective buying in metals oil amp gas and IT shares helped the indices end mixed said Prashanth Tapse Senior Vice President Research at Mehta Equities LtdIn the broader market the BSE smallcap index jumped 133 per cent while the midcap index rose 053 per cent the report addedThe news agency report further added that metals rose 228 per cent oil and gas 176 per cent energy 152 per cent utilities 117 per cent and commodities 102 per cent However the auto banking and capital goods sectors experienced dropsIn Asian markets Shanghai and Hong Kong closed higher while Seoul and Tokyo closed lower European markets were mainly trading higher while US markets closed positively on Friday the report addedMarkets started the week on a muted note and ended nearly flat taking a breather after Fridays strong surge After an initial rise the Nifty traded within a narrow range said Ajit Mishra Senior Vice President Research at Religare Broking LtdOn Friday FIIs purchased equities worth Rs 76652 crore according to exchange statistics Domestic Institutional Investors DIIs purchased securities worth 260618 crore on that dayOsho Krishan Senior Analyst Technical amp Derivatives at Angel One Ltd said Going forward it will be crucial to closely monitor the banking sector as momentum in this sector could significantly boost market sentiments With a lack of domestic triggers global developments will likely influence market conditions so its important to stay informed about global trendsGlobal oil benchmark Brent crude fell 082 per cent to USD 7903 per barrelOn Friday the BSE Sensex rose 133096 points or 168 per cent to close at 8043684 its largest singleday increase in more than two months The NSE Nifty gained 39740 points or 165 per cent to settle at a twoweek high of 2454115