Mumbai: Equity benchmarks Sensex and Nifty on Monday slipped from the day's highs in the closing hours to end flat as profit-booking in mainly IT and metals shares outweighed hectic buying in banking counters.
Registering its third loss in a row, the BSE Sensex ended 13.50 points or 0.03 per cent lower at 52,372.69. Intraday, the index swung nearly 500 points as it touched a high of 52,700.51 and a low of 52,208.96.
While, the broader NSE Nifty inched 2.80 points or 0.02 per cent higher to close at 15,692.60.
On the Sensex chart, Bharti Airtel was the top loser, slipping around 1 per cent, followed by Tata Steel, HDFC Bank, Infosys, HDFC, Bajaj Auto and PowerGrid.
On the other hand, Ultratech Cement, ICICI Bank, SBI, Axis Bank, Kotak Bank and IndusInd Bank were among the gainers.
Of the Sensex constituents, 14 ended in the red and 16 in the green.
"Benchmark indices erased gains towards the final session of the day as profit-booking in IT, metals and financial services dragged markets. Barring realty, auto and select banks, most key sectoral indices traded in red. However, realty and cement stocks witnessed strong rebound today as ongoing revival in real estate market attracted investors' attention, said Binod Modi, Head Strategy at Reliance Securities.
Notably, midcap and smallcap stocks continued to outperform as improved prospects of earnings recovery augurs well for them, he added.
Vinod Nair, Head of Research at Geojit Financial Services, said that domestic indices trimmed early gains tracking cues from its European peers ahead of the release of key inflation data later on Monday.
Elsewhere in Asia, bourses in Hong Kong, Shanghai, Seoul and Tokyo ended with significant gains.
Stock exchanges in Europe were trading with losses in mid-session deals.
International oil benchmark Brent crude was trading 1.47 per cent lower at USD 74.44 per barrel.
Rupee Settles 6 Paise Higher At 74.58 Against US Dollar
The rupee pared some of its initial gains to settle 6 paise higher at 74.58 against the US dollar on Monday, tracking gains in most regional currencies and possible inflows related to an upcoming IPO.
At the interbank forex market, the rupee opened at 74.49, and hit an intra-day high of 74.40 and a low of 74.59. It finally finished at 74.58, higher by 6 paise over its last close.
On Friday, the rupee had settled at 74.64 against the US dollar.
"Indian rupee remained under pressure as traders remained vigilant ahead of macroeconomic data. India CPI data is likely to show that inflation accelerated in June 2021 compared to preceding month and remained above the RBI's target range of 2-6 per cent for the second consecutive month," said Saif Mukadam, Research Analyst, Sharekhan by BNP Paribas.
Further, market participants fear that surge in COVID-19 cases in many parts of world may hurt global economic recovery, he added.
Brent crude futures, the global oil benchmark, fell 1.48 per cent to USD 74.43 per barrel.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.16 per cent to 92.28.
On the domestic equity market front, the BSE Sensex ended 13.50 points or 0.03 per cent lower at 52,372.69, while the broader NSE Nifty inched 2.80 points higher or 0.02 per cent to 15,692.60.
Foreign institutional investors were net sellers in the capital market on Friday as they offloaded shares worth Rs 1,124.65 crore, as per exchange data.
"The Indian Rupee appreciated for the second straight session on Monday against the dollar, tracking gains in most regional currencies and possible inflows related to an upcoming IPO," said Sriram Iyer, Senior Research Analyst, Reliance Securities.
In the last two trading sessions, the rupee has gained 13 paise against the US dollar.
Meanwhile, investors will look for cues from CPI and IIP data scheduled to be released after market hours. Moreover, US CPI and Federal Reserve Chairman Jerome Powell's testimony is also scheduled for this week.
"Technically, the USDINR Spot pair resistances are at 74.75 and 74.90. Supports are at 74.50 and 74.35. The USDINR Spot pair could trade in a range of 74.40-74.80 levels," Iyer said.
According to Jateen Trivedi, Senior Research Analyst at LKP Securities, "Rupee traded weak around 74.55 on back of dollar index strength, with overall resistance placed at 74.30-74.45 zones."
Crude prices traded soft which helped the rupee restrict losses beyond 74.60. Going ahead the rupee can be seen between 74.45-74.80 range on the back of dollar strength, Trivedi noted.
Gold Plunges By Rs 169; Silver Tanks Rs 300
Gold in the national capital on Monday dipped Rs 169 to Rs 46,796 per 10 gram with a fall in global precious metal prices, according to HDFC Securities.
In the previous trade, the precious metal had closed at Rs 46,965 per 10 grams.
Silver also went lower by Rs 300 to Rs 67,611 per kilogram from Rs 67,911 per kilogram in the previous trade. In the international market, gold was trading lower at USD 1,804 per ounce and silver was flat at USD 26.01 per ounce.
"Gold prices traded lower on the firm dollar index and mixed global cues," according to HDFC Securities, Senior Analyst (Commodities), Tapan Patel.