Benchmark Sensex and Nifty turned volatile on Monday and closed on a flat note, tracking weakness from global key indices.
Sensex closed 59 points at 31,648 and Nifty ended unchanged (down 0.20 points) at 9,266.
At the opening bell today, indices climbed higher tracking positive global cues amid value buying in index heavyweights HDFC Bank, Infosys, and Kotak Bank etc. Sensex opened 100 points higher at 31,680 and Nifty rose 32 points to 9,301.
Sectorally, gains in PSU bank, IT, media and realty were capped by metal, pharma, FMCG and auto.
According to market experts, stock-specific action in index heavyweights HDFC twins, Infosys, Kotak Bank, Tech Mahindra, HCL Tech and TCS kept Sensex and Nifty positive today.
European markets started the week on a flat note. While Germany's Dax gained marginally, France's CAC and London's FTSE were flat, with negative bias.
Meanwhile, Asian indices had a rough start earlier today on weak oil prices. Upcoming earnings reports and economic data also kept investors cautious.
US indices closed in green with some lockdown ease support coming from signs that the coronavirus may have already peaked in the nations.
Sameet Chavan, Chief Analyst-Technical and Derivatives at Angel Broking) said,"Despite SGX Nifty indicating a sluggish start, our markets opened with a decent upside gap to kickstart the new trading week. However, it turned out to be a formality and within the first 15 minutes, the index eventually coupled with the SGX Nifty and other global bourses. During the remaining part of the day, index kept flirting with the positive and negative territory to conclude on a flat note."
Oil prices that collapsed to more than two-decade lows as the global lockdown saw fuel demand falling and storage facilities reaching their limits. Brent crude was off 32 cents at $27.75 a barrel.
Oil markets have plunged as governments across the planet have introduced lockdowns to stem the spread of the virus, hammering demand for the commodity. On the back of this, shares of Indian Oil, BPCL, HPCL were trading 2.5% higher as crude oil prices fell today.
Infosys shares gained 5% intraday and closed 3.745% higher at Rs 652.90 on BSE, ahead of March quarter results, scheduled to be released today.
Meanwhile, Indian rupee, the local benchmark currency that opened weak at 76.43 closed at 76.35 per dollar today.
Ajit Mishra, VP - Research, Religare Broking said ,"A sharp increase in coronavirus cases is still the major cause of concern. Further, as the earnings season progresses, the stock specific movement would remain high . Hence, we would advise participants to continue with a cautious approach and prefer hedged bets."
Commenting on Nifty's technical outlook, Amit Shah, Technical Research Analyst with Indiabulls Securities said,"Nifty closed flat while the broader markets were positive. Index has been in a consolidation mode since past few sessions and 9,500 zone is likely to act as resistance zone. As the index approaches towards 9,500 one should be on a cautious side as the entire rally can fade out near the mentioned levels. Irrespective of the magnitude of the rally it still remains a bear market rally."