Stock Market: Sensex Slips 105 Points; Nifty Trades Near 19,700. IT, Realty Gain; Auto, Bank Dip

Stock update: On the 30-share Sensex platform, M&M, Axis Bank, L&T, Kotak Bank, Reliance, Airtel emerged lower. On the flip side, HCLTech, TechM, NTPC, Infosys, Wipro, TCS were among early gainers

The two key benchmarks, Sensex and Nifty, on Monday slipped into the red zone in early trade. At 9.45 am, the BSE Sensex dropped 105 points to 65,689. On the other hand, the NSE Nifty50 was trading at 19,716, down 16 points.

On the 30-share Sensex platform, M&M, Axis Bank, L&T, Kotak Bank, Reliance, Airtel emerged lower. On the flip side, HCLTech, TechM, NTPC, Infosys, Wipro, TCS were among early gainers. IT stocks were advancing steadily, with HCLTech gained 1.52 per cent in the morning.

In the broader market, the BSE Midcap index rose 0.3 per cent, while the Smallcap added 0.6 per cent.

Sectorwise, IT, realty, pharma stocks advanced 0.5 per cent each, while auto, bank, and capital goods stocks slipped due to selling pressure.

In the previous session on Friday, the S&P BSE Sensex closed 188 points lower at 65,795 levels, while the NSE Nifty50 closed at 19,732, down 33 points.

"The ongoing rally in the mother market US triggered by declining bond yields makes the market construct slightly favourable for the continuation of the rally in India, too. Like in cricket, there will be occasional set backs, but it is the long-term trend that matters in the market," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

In Asian markets, Seoul, Shanghai, and Hong Kong were trading in the green while Tokyo quoted lower. The US markets ended with marginal gains on Friday.

Global oil benchmark Brent crude climbed 0.69 per cent to $81.17 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 477.76 crore on Friday, according to exchange data.

Meanwhile, India rupee was trading in a narrow range against the US dollar in early trade on Monday, amid a negative trend in domestic equities. Forex traders said the rupee is trading in a narrow range as sustained foreign fund outflows and rising crude oil prices weighed on investor sentiments.

At the interbank foreign exchange, the domestic unit opened at 83.25 against the dollar and then touched a high of 83.23, and a low of 83.27 against the greenback. On Friday, the rupee settled at 83.26 against the dollar.