India markets ended flat amid positive bias from upcoming consumer price index results
The Nifty PSU bank index dropped 3% following a weak performance by Bank of Baroda, Bank of India and Oriental Bank of Commerce.
The BSE Sensex on Monday ended 17 points higher at 28,351, while the broader Nifty50 closed 11 higher at 8,805, amid speculation over the much-awaited January Consumer Price Index data release. M&M, Power Grid, Infosys, HUL and Wipro led the gainers on the BSE, while SBI, Maruti, Coal India, Hero MotoCorp and Lupin trailed during Monday’s trade.
Investor sentiment remained positive on the back of gains by Asian markets as well as gains by shares of power and metal companies. The shares of public sector banks were among the worst-performing stocks during intra-day trading. The Nifty PSU bank index dropped by 3% following a weak performance by Bank of Baroda, Bank of India and Oriental Bank of Commerce. IndusInd Bank and YES Bank, however, hit their record targets on the NSE.
The BSE Midcap and Smallcap indices lost 0.4% and 0.5% respectively.
Meanwhile, Asian markets rose on the back of gains by Wall Street stocks on Friday, AP reported. While Hong Kong’s Hang Seng rose by 0.5%, Australia’s S&P ASX/200 rose by 0.7%. Japan’s Nikkei 225 gained 0.4% and the Shanghai Composite climbed by 0.5%. Global markets were also buoyed by reports of United States President Donald Trump’s plans to announce major tax reforms in the coming weeks.
Religare Securities Retail Distribution President Jayant Manglik said Indian markets had been performing well since the presentation of the Union Budget on February 1, Mint reported. “Markets have been fairly strong after the Budget and mid-caps have been doing well...global mood is also helping boost sentiment [in India],” Manglik said.