Mumbai: Indian shares remained lacklustre throughout the session on Monday with the BSE Sensex closing flat to positive, outperforming global peers.
The market also ignored the sharp fall in rupee that dropped 1.44 percent or 77 paise to 54.585 against the US dollar due to oil companies’ dollar demand (at 15:31 hours IST)
The 50-share NSE Nifty rose 6.50 points to close at 5,704.20 while the 30-share BSE Sensex went up 7.42 points to 18,762.87.
Market expert, Ambareesh Baliga said there were hardly any news flows to which the markets could react. “What we are noticing is consolidation and I suppose we are waiting for the US presidential elections to happen. I suppose post that we will have the FII flows restarting,” he explained.
Investors remained cautious ahead of Tuesday’s US Presidential election. European markets like France’s CAC, Germany’s DAX and Britain’s DAX were down 0.7-1 percent (at 15:31 hours IST).
Benoit Anne of Societe Generale says this week is critical for global markets. "We will have to watch the outcome of both the US and Greece elections," he adds.
Back home, shares of almost all public sector lenders closed lower on asset quality concerns. Country’s largest lender State Bank of India fell 0.44 percent.
Vijaya Bank and Allahabad Bank were down 2-3 percent following rise in non-performing assets. Dena Bank, Central Bank of India, Canara Bank and Andhra Bank fell 1-4 percent ahead of second quarter numbers tomorrow.
Private sector lender ICICI Bank was down 0.16 percent while its rival HDFC Bank gained 0.61 percent.
Technology majors TCS, Infosys and Wipro slipped 0.2-0.6 percent. Private oil & gas producer Reliance Industries declined 0.35 percent whereas state-owned ONGC was up 0.3 percent.
Shares of Bajaj Auto, Hindalco Industries and Jindal Steel topped the selling list, losing 2-2.5 percent.
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