Indian shares pared morning gains to end flat on Monday as losses in IT and metals offset gains in banks and auto stocks. Meanwhile, the investors awaited data on consumer price inflation (CPI) for June and industrial output for May.

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The Sensex ended 13 points lower at 52,372 while the Nifty was up 3 points at 15,692.

Meanwhile, Asian peers witnessed a relief rally as US stocks hit all-time highs and China’s policy easing helped calm jitters on global growth.

"Domestic indices started with mild gains hovering around the flat line, however, it trimmed early gains tracking cues from its European peers ahead of the release of key inflation data later today. Shares of small finance banks were in focus today as the RBI allowed the reverse merger with their respective promoter entities. The realty stocks rallied as hopes of demand revival boosted the sector’s outlook," said Vinod Nair, Head Of Research at Geojit Financial Services.

The country’s retail inflation probably accelerated to a seven-month high in June on rising food and fuel prices, staying above the Reserve Bank of India’s comfort zone for a second straight month, a Reuters poll showed.

Broader markets, however, outperformed benchmarks with the midcap and smallcap indices up around half a percent each.

The Nifty Bank added around 0.4 percent with ICICI Bank rising over a percent. The Nifty Auto index was flat but in the green as it snapped a four-day losing streak.

However, Nifty IT lost around half a percent each. The Metal and FMCG indices were also in teh red for the day.

On the Nifty50 index, UltraTech Cement, Grasim, Shree Cement, JSW Steel and SBI Life Were the top gainers while Adani Ports, BPCL, Bharti Airtel, Tata Steel and Infosys led the losses.

Shares of Federal Bank jumped 4.6 percent to Rs 89.60 on the BSE after the Reserve Bank of India (RBI) approved the re-appointment of Shyam Srinivasan as managing director and chief executive officer of the bank.

Equitas Holding, promoter of Equitas SFB, and Ujjivan Financial Services, promoter of Ujjivan SFB were locked in 20 percent upper circuit after they received RBI nod to initiate steps and file for a scheme of amalgamation of the promoter entity with the bank.

(Edited by : Pranati Deva)

First Published:Jul 12, 2021 3:34 PM IST