Sensex, Nifty Trade Flat as 3-Day Winning Streak Ends

Mumbai: Indian benchmark equity indices snapped their three-day winning streak and traded flat in the morning hours on Monday.  At pre-open, the Nifty was flat at 24,329.45, while the Sensex was down by 0.1 percent at 79,915.00. Shares of Titan Co fell nearly 4 percent after reporting subdued growth in its jewellery segment. Except for capital goods and FMCG, all other sectoral indices traded in the red.

Shares of ICICI Bank, HDFC Bank, Infosys, and State Bank of India dragged the Nifty down. However, Tata Motors, Hindustan Unilever, ITC, Bharti Airtel, and Oil & Natural Gas Corp cushioned the fall. Market watchers suggest that as the market trades near all-time high levels, investors and traders should consider maintaining their positions with appropriate stop-loss orders. They believe positive news flows can provide resilience to the market in the near term.

“The market will respond to the Q1 results, which will start flowing in this week. Financials have the potential to move up further in response to the expected good results,” analysts added. The BSE Midcap and Smallcap indices were marginally higher in the opening trade.