Opening on a positive note, NMDC stock gained 5.26 per cent to Rs 91 on the BSE. On the NSE, its shares climbed 5.38 per cent to Rs 91.

Shares of NMDC soared over 4.16 per cent on BSE after the company announced that a meeting of the Board of Directors of the Company will be held on June 07, 2016, inter alia, to consider the proposal for Buy Back of the fully paid-up equity shares of the Company of face value of Rs. 1 each.

India's iron ore prices are unlikely to recover in the near future given the high inventory levels as well as increasing production, credit rating agency ICRA said on Thursday.

A top government official said that the Ministry of Finance is considering opting for the Institutional Placement Programme (IPP) route for diluting stake in bluechip PSUs.

It will select four merchant bankers for managing the stake sale in India's largest iron ore producer NMDC. As per the Expression of Interest floated by Department of Investment and Public Asset Management (DIPAM), the last date for submission of bids by merchant bankers is May 16.

\"We maintain our view that failure to surpass the 8,000 mark on a closing basis would lead to some profit booking towards 7,842-7,775 levels in the near term,\" said Angel Broking in a research note.

The headline indices turned flat tracking negative trend seen in European markets even as the Fed decided not to hike US interest rates. However, Market breadth remained positive.

The headline indices cut gains after data showed wholesale price inflation had fallen a bigger-than-expected 0.91 per cent in February, easing for a 16th consecutive month.

The S&P BSE Metal index rallied as much as 2.84 per cent led by gains in NMDC (11.17 per cent), SAIL (10.48 per cent), Vedanta (6.01 per cent) and Hindalco (6.11 per cent).

The headline indices were trading flat as investors took profits after a month-long rally and grew wary of the market's near-term prospects ahead of major central bank meetings.

Shares of iron ore miner NMDC tumbled 12.5 per cent amid massive selling by investors as the stock went ex-dividend today.

The Memorandum of Understanding (MoU) was signed on the second day of the three-day-long Partnership Summit being held in Visakhapatnam.

In the previous year between April and November 2014, the cumulative production of crude steel stood at 55.32 million tonnes. The production of crude steel has been consistently increasing in the country.

With eight months of the current fiscal about to be over, the government has been able to sell stake only in four companies PFC, REC, Dredging Corp and IOC to net Rs 12,600 crore.

The government, which holds 68.6 per cent interest in IOC, will sell 24.28 crore equity shares through an offer for sale (OFC)  for which the floor price has been set at Rs 387 per share.

See the top 5 stock picks and their movement in Monday's trade.

The BSE Sensex ended 102 points lower at 27,459.23 and the Nifty dipped by 24 points to stand at 8,337.

The benchmark NSE Nifty had ended below the 8,400 level on Monday down 160.55 points at 8361 while the 30-share BSE Sensex plunged 550.93 points to 27,561.38.

Finance Ministry has moved a Cabinet note for inter-ministerial consultations for selling 2.16 crore shares in BPCL through a public offer, official sources said.

Country's top dry-fuel miner Coal India (CIL) has become the sixth-largest mining company in the world in terms of market capital, says a recent PwC report.