Benchmark indices pared early losses to end flat on Monday. The Sensex slid 0.07 per cent to settle at 79,648, while the Nifty fell 0.09 per cent to 24,347. Cash market volumes on the NSE were about 9 per cent higher than the previous session. Small-cap index ended well in the positive even as the advance-decline ratio moderated to 0.90:1. Nifty VIX, ended higher by 3.47 per cent at 15.87.
Adani stocks showed resilience after coming under pressure in early trade. Shares of Adani Enterprises slid as much as 5.5 per cent in early on, while Adani Energy slid 17 per cent following fresh allegations from American short seller Hindenburg. The group’s shares recovered intraday, with Adani Green Energy and Ambuja Cement ending in the green.
Sectors such as metals and pharma emerged winners, while FMCG and Media saw declines.
Vinod Nair, Head of Research, Geojit Financial Services, said, “The Indian market concluded relatively flat, with its initial path being eclipsed by continuation of the Adani-Hindenburg-SEBI saga. However, the market tried to brush away these noises, taking positive cues from global markets. Moreover, the domestic market is anticipating ease in CPI inflation, which is going to be further supported by a good monsoon. Yet, the upside risk remains, given firm oil prices and volatility in food inflation.”
Most global stocks rose, extending a rebound from last week amid growing hopes that concerns over a US recession were overblown. Market participants prepared for a week packed with US data that will throw light on its health and the outlook for Federal Reserve interest rates.