Benchmark equity indices pared most of their intraday losses helped by upbeat November services activity data and ended flat on Monday. The 30-share Sensex ended 34 points lower at 62,835, while its broader peer Nifty 50 ended at 18,700 level.

In the Sensex pack,

, , , Dr Reddys Lab, , and were among the top losers, falling about 0.5-1.5%. TCS, M&M, , , and also closed lower.

On the other hand,

, , , SBI, , Aisan Paints and ended with gains.

Sectorally, the Nifty Metal rose 1.87% and Nifty PSU Bank surged 1.20%, while Nifty IT and Nifty Auto closed lower. In the broader market, Nifty Midcap50 increased 0.23% and Smallcap50 advanced 0.43%.

“Markets were extremely range-bound with a negative bias with most of the Asian indices too closing on a sluggish note. Investors are keeping a low profile ahead of RBI’s credit policy meeting this week, while lack of fresh triggers from global markets too have been a dampener. Another factor could be the recent rally was too fast paced and hence nobody wants to risk taking long only bets,” Shrikant Chouhan, Head of Equity Research (Retail) at Kotak Securities, said.

“Technically, after the early morning selloff the Nifty took support near 18,600 and reversed sharply. However, the short-term texture of the market is still non directional. We are of the view that 18,600 could act as a sacrosanct support zone for the market. if the index trades above the same it could retest 18,800-18,850 in the near future. On the flip side, below 18,600, the index could slip till 18,500-18,450,” Chauhan added.

Earlier in Asian markets, Japan’s Nikkei 225 rose 0.15% and China’s Shanghai Composite advanced 21.76% while South Korea’s Kospi plunged 0.62%

The rupee declined against the dollar on Monday, as dollar demand from oil companies and other importers dropped. The rupee closed at 81.79 per dollar, compared with 81.31 in the previous session. While the Brent crude February futures increased 1.76% to $87.08 per barrel.

The market breadth was skewed in favour of bears. About 2,114 stocks declined, 1,484 gained and 196 remained unchanged.


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