Stock Market: Sensex And Nifty Trade Flat On Mixed Global Cues. PSU Banks Gain; RIL, Kotak Bank Down 2 Per Cent

Stock update: On the 30-share Sensex platform, Kotak Bank, Reliance, Tata Steel, JSE Steel, Titan, HUL emerged early losers

The two key equity benchmarks, Sensex and Nifty, on Monday opened flat in early trade amid mixed global cues. At 9.40 am, the BSE Sensex was marginally down 40 points to 66,644. On the other hand, the NSE Nifty50 was flat below 19,750 levels.

On the 30-share Sensex platform, Kotak Bank, Reliance, Tata Steel, JSE Steel, Titan, HUL emerged early losers. On the flipside, M&M, L&T, IndusInd Bank, Axis Bank, Wipro, ITC were among the early gainers. Among specific stocks, Cyient DLM declined 3 per cent after the company logged 15 per cent YoY fall in its Q1FY24 profit.

In the broader markets, Nifty Midcap 100 and Nifty Smallcap 100 indices gained up to 0.6 per cent.

India's volatility gauge, India VIX, meanwhile, jumped 2 per cent.

Sectorwise, Nifty PSU Bank index emerged as the sectoral winner, whereas Nifty Oil and Gas index was the top laggard.

In the previous session on Friday, the S&P BSE Sensex plunged 888 points, (1.3 per cent) to end the session at 66,684, while the NSE Nifty50 settled at 19,745, down 234 points (1.17 per cent). It touched a low of 19,700.

"The near-term market trend will be influenced by a host of factors like the recent Q1 results, some major results expected this week and policy decisions like the Fed meeting outcome on Wednesday," V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said in his market outlook.

In Asian markets, Nikkei 225 was up 1.38 per cent, while the stock markets in Hong Kong and Shanghai were not trading. The US markets ended broadly higher on Friday.

Global oil benchmark Brent crude was trading 0.14 per cent lower at $80.96 a barrel.

Foreign Institutional Investors (FIIs) were sellers on Friday as they sold equities worth Rs 1,998.77 crore, according to exchange data.

Meanwhile, the rupee witnessed range-bound trading against the US dollar in early trade on Monday as crude oil prices hovering above $80 per barrel and a negative trend in domestic equities weighed on investor sentiments. Forex traders said investors are watching on the sidelines and awaiting cues from ensuing FOMC meeting and US FED decision this week.

At the interbank foreign exchange, the rupee opened at 82.00 against the dollar, and touched 82.01, registering a fall of 3 paise over its previous close. In initial trade the rupee touched a high of 81.98 against the American currency. On Friday, the rupee closed at 81.98 against the US currency.