Mumbai: It was a sluggish start to the trading week. The Indian markets tracked their global peers and drifting into the negative territory.
Global markets were under pressure as they had rallied quite sharply last week on Europe bailout plan. The NSE Nifty took a pause on Monday after a rally of 6 per cent seen last week, falling over 0.5 per cent on the back of profit booking.
The Nifty ended the Monday session at 5,326, down 34 points, while the Sensex lost 100 points to close at 17,705.
Dipan Mehta, Member BSE and NSE expects the markets to move in a sideways range for the next few weeks. Big companies already announced their second quarter numbers. "The result season has not been the best ever so far," he added.
Asian markets closed lower. European markets like France's CAC, Germany's DAX and Britain's FTSE were down 1-2 per cent, at the time of closing of Indian equities.
Robert Parker of Credit Suisse Asset Management feels that the EU deal would take three-six months to get implemented formally.
Back home, oil & gas, metal, realty, capital goods, cement, healthcare and select technology stocks witnessed selling pressure. However, HUL, HDFC Bank, Infosys and Hero Motocorp outperformed the market.
The fall in oil & gas has put pressure on the market throughout the session, respective index falling 2 per cent. RIL and ONGC lost 2.3 per cent each.
The BSE Metal index too tumbled 2 per cent; Sterlite Industries and Hindalco were top losers on Sensex, losing 4 per cent each. JSPL fell nearly 3 per cent.
Among others, Tata Motors tanked 3.8 per cent and BHEL slipped nearly 3 per cent. ITC, TCS, Wipro and DLF were down 0.5-2 per cent.
ICICI Bank declined 0.3 per cent. India's largest private sector lender's second quarter (July-September) net profit rose to forecast-beating 22 per cent year-on-year to Rs 1,503 crore on lower provisions as asset quality improved during the three month period.
However, HUL was the star performer on Monday, surging 7.4 per cent post numbers. The company's Q2 net profit jumped 22 per cent to Rs 689 crore and net sales went up 18 per cent to Rs 5522 crore.
HDFC Bank, Infosys, Hero Motocorp, Tata Steel and NTPC were other gainers.
IVRCL gained 2 per cent as it has approved merger of IVRCL Assets with company. IVRCL Assets was locked at 20 per cent upper circuit.
Turnover was quite low compared to previous few sessions - total traded turnover was nearly Rs 86,116 crore.
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