Indian indices flat on Monday as gains in metals and energy stocks were capped by losses in financials and FMCG space. Meanwhile, global shares also fell as the US Senate’s passage of a $1.9 trillion stimulus bill put fresh pressure on Treasuries and tech stocks with lofty valuations, raising inflation jitters.

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The Sensex ended 36 points higher at 50,441 while the Nifty rose 18 points to settle at 14,956.

Broader markets, however, ended positive for the day with the midcap index up 0.3 percent and smallcap index up 0.5 percent.

"Domestic markets pared its early gains taking cues from weak Asian markets, falling US futures and rising oil prices. Oil & Gas, PSU Banks and Metal stocks were the sectors in focus inching broader market. Oil prices were parked near record highs following geopolitical issue in Gulf while reports of the progress of PSU Bank privatization tempered buying in PSBs," said Vinod Nair, Head of Research at Geojit Financial Services.

On the Nifty50 index, UPL, GAIL, L&T, ONGC and SBI Life were the top gainers while IndusInd Bank, Shree Cement, Bajaj Finance, UltraTech Cement, and Bajaj Auto led the losses.

Among sectors, gains were witnessed in energy, metal and IT sectors with the indices up 0.4-1 percent each. Nifty Bank and Nifty Pharma also rose 0.2 percent each. Meanwhile, Nifty FMCG, Nifty Fin Services and Nifty Auto dragged frontline indices for the day

The Nifty energy index was up over 1 percent led by ONGC and GAIL up over 3 percent and 4 percent, respectively, amid a surge in Brent crude futures to their highest in more than a year.

Brent crude prices jumped above $70 a barrel for the first time since the COVID-19 pandemic began, while US crude touched its highest in more than two years, following reports of attacks on Saudi Arabian oil facilities. The crude oil prices also jumped on optimism about the demand outlook as the global economy recovers.

Muthoot Finance fell over 2 percent after the company said that its chairman MG George Muthoot passed away on Friday after falling from the fourth floor of his house. A probe has been initiated by the police in his death.

Meanwhile, Search engine company Just Dial was locked in 10 percent upper circuit at Rs 963.60 after it signed a deal to become an advertising sponsor for the upcoming season of the Indian Premier League cricket tournament. Media reports also stated that the digital arm of the Tata Group has held talks with Just Dial for a strategic alliance or a stake in the firm.

(Edited by : Pranati Deva)

First Published:Mar 8, 2021 3:35 PM IST