Equity market indices Sensex and Nifty erased early gains and closed marginally higher by Monday, tracking weak overseas cues.
IndusInd Bank, Titan, Axis Bank, SBI, Bajaj Finance, ONGC, ICICI Bank, L&T, HDFC Bank and NTPC were among top Sensex gainers. On the other hand, Sun Pharma and Bharti Airtel were among the top laggards.
Extending gains for the second consecutive session, Sensex ended 83 points higher at 34,370 and Nifty climbed 25 points to 10,167.
Ajit Mishra, VP - Research, Religare Broking said,"A mixed trend was witnessed on sector front wherein oil & gas, IT and banks were the top gainers while healthcare, auto and metals ended in the red."
Earlier today, the market opened majorly higher, tracking gains in Asian markets and positivity in US futures. Wall Street closed higher on Friday after jobs data showed an unexpected rise raising hopes that the economy has started to show signs of recovery taking cues from the US jobs data.
Although, domestic markets erased all gains by the afternoon session as global currency and equity markets turned marginally lower with investors awaiting the outcome of a US Federal Reserve meeting this week. SGX Nifty turned negative and fell 10 points lower as European indices started the day in the red.
Commenting on the volatile trend today, Vinod Nair, Head of Research at Geojit Financial Services said, "Global cues were also mixed with most European markets trading in the negative. The recent rally, seen globally, was based on expectations of economic recovery, post easing of lockdown measures."
Meanwhile, companies set to announce their earnings are Abbott India, Hero MotoCorp, Inox Leisure, PVR, GSPL, Titan, Bombay Dyeing, Kaycee Industries, Graphite India.
Oil price jumped higher in Monday's trade after OPEC+ decided to extend output cuts to end of July. Brent crude futures, international oil benchmark gained 1.47% to USD 42.92 per barrel.