Erasing most of its early gains, the equity market settled with minor gains on Monday, led by buying in IT and financial counters.
The S&P BSE Sensex slipped 557 points from day’s high to end at 34,370.58, up 83 points or 0.24 per cent while NSE’s Nifty ended at 10,167 points, up 25 points or 0.25 per cent. India VIX, the volatility index, climbed 3.64 per cent to 29.72 levels.
Of 30 stocks on Sensex, 16 ended in the green and rest 14 in the red. IndusInd Bank (up around 7 per cent) ended as the top gainer on the index after the private sector lender said that its promoters would acquire additional shares of the Bank from the secondary market.
Reliance Industries (RIL) hit yet another record peak of Rs 1,624 on the BSE after the oil-to-telecom behemoth announced 1.16 per cent stake sale in Jio Platforms, its digital services subsidiary, to Abu Dhabi Investment Authority (ADIA) for Rs 5,683.50 crore. The stock, however, reversed morning gains to end at 1,570, down 0.67 per cent.
Shares of oil marketing companies (OMCs) traded firm during the day after petrol and diesel prices were hiked by 60 paise per litre for a second straight day, thus ending an 83-day hiatus in rate revision.
Sectorally, IT stocks gained the most, followed by private bank stocks. The Nifty IT index jumped 1.83 per cent to 14,894.60 levels while Nifty Private Bank index ended at 11,545.60, up 1.28 per cent. On the flip side, Nifty Media declined 1.66 per cent while Nifty Pharma dropped 1.41 per cent to 9,939.10 levels.
In the broader market, the S&P BSE SmallCap index rallied around 1 per cent to 11,965.33 levels while the S&P BSE MidCap index ended at 12,583.61, up 0.23 per cent.