The BSE Sensex and NSE Nifty started off trade on a flat note on Monday following quiet trade in Asian markets. The market was consolidating today after a sharp rally on Friday due to positive developments at European Union Summit.
The BSE benchmark fell 30 points to 17,400.20 and the NSE benchmark declined 8 points to 5,270.80. The Indian rupee was moving around 55.55 to the US dollar.
Cairn India gained 1% amid large volumes as crude oil prices spiked quite sharply on Friday.
L&T, M&M, Bharti, Cipla PNB, Kotak Mahindra Bank, Axis Bank, Tata Power and Reliance Infrastructure gained.
However, BPCL fell 1.3% on rising crude oil prices. WTI crude shot up 9.4% in a single session at around USD 85 a barrel on Friday.
ITC, ICICI Bank, DRL, Coal India, ACC, Tata Motors (post sales numbers for June), Hero Motocorp, TCS, Infosys, Reliance Industries and ONGC were under pressure
The CNX Midcap Index went up 26 points to 7,378. Advancing shares outnumbered declining by 438 to 310 on the National Stock Exchange.
In the second line shares, TVS Motor tanked 3% as its sales for June fell 7.5% to 1.65 lakh units year-on-year.
Kingfisher Airlines dropped 3% as The Economic Times reported that its pilots are on strike over non- payment of wages.
Arvind was up 2% as its workers strike at factory called off. Company will take back all the terminated employees.
HCC was up 1.5% as board of directors approved debt restructuring.
Atul was up 1.3% on reports that company may sell 20% stake in aromatic unit.
Mercator Llines went down 0.5% on profit booking.
Gold loan financing companies like Manappuram Finance was down 2% and Muthoot Finance fell 4%.
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