Equity benchmark indices ended a highly volatile session on a flat note.
The 30-share Sensex surged over 436 points in early trade and the NSE Nifty soared almost 128 points before making a U-turn. The BSE index hit an intra-day high of 35,993.53, nearly 450 points above previous closing. The Sensex rose over 400 points and Nifty hit 10,900 for the first time since February 2, 2018, on Tuesday amid the early trends of the results of Karnataka assembly elections showing BJP leading gains in the Congress-ruled state. Like BSE stocks, NSE stocks are also measured based on different factors such as market capitalization.
Consequently, the NSE Nifty50 closed flat at 10,806.60 points.
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The 50-share Nifty reclaimed the key 10,900-mark to touch a high of 10,929.20 in initial trade and fell back by 4.75 points, or 0.04 per cent, to end at 10,801.85.
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With the state assembly poll behind us, he said that the market's focus would now turn towards rising global crude oil prices, which is negative for India.
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Anand Shah, Deputy CEO and Head of Investments at BNP Paribas Mutual Fund India said that apart from the uncertainty in Karnataka's politics, the increase in inflation rate also caused concern among the investor community. The market's disappointment came from the fact that, in the closing days of the Karnataka poll process, traders were expecting a BJP win, which was reflected in the late rally on Friday.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 717.99 crore while domestic institutional investors (DIIs) bought shares worth Rs 687.23 crore on Monday, as per provisional data. Sector-wise, healthy buying was witnessed in banking, capital goods, metals, consumer durables and automobile stocks.
Ashok Leyland (down 4.36 per cent), Tata Motors (2.07 per cent), Mahindra & Mahindra (1.68 per cent), Bosch (1.51 per cent) and Eicher Motors (1.41 per cent) all tripped, driving the sectoral index down.
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The major gainers on the Sensex were Tata Steel, up 2.29 per cent at Rs 624.05; Power Grid, up 2.27 per cent at Rs 213.80; Tata Consultancy Services, up 1.33 per cent at Rs 3,482.45; Asian Paints, up 0.89 per cent at Rs 1,310; and HDFC Bank, up 0.85 per cent at Rs 2,038.35 per share.