Indian shares opened flat on Monday following muted sentiment in global markets. Asia stocks hovered near four-month lows amid concerns about US-China tensions while the euro was confined to a narrow range after the weekend’s European Parliament elections.

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Back home, investors turned their focus to the new government’s fiscal support plan and key economic data due to be released this week. Moreover, the Reserve Bank of India has announced that it will inject Rs 15,000 crore into the financial system in June through the purchase of government bonds in order to support the evolving liquidity situation.

At 9:20 am, the Sensex was down 41 points at 39,393, and the Nifty50 was trading 4 points lower at 11,839. Meanwhile, midcap and smallcap indices outperformed the benchmark indices with Nifty midcap and Nifty Smallcap up 0.3 percent each.

NTPC, Britannia, Eicher Motors, YES Bank, and HCL Tech were among the major gainers on the Nifty50, whereas JSW Steel, ZEE, Indiabulls housing, IndusInd Bank, and BPCL were the top losers on Nifty50.

Sectoral indices were trading mixed in the morning deals, with Nifty PSU Bank gaining the most, up 1.5 percent followed by Nifty Realty (up 0.8 percent) and Nifty FMCG (up 0.3 percent). Meanwhile, Nifty IT and Nifty Pharma slipped on strong rupee.

NTPC gained 3 percent after it posted a 48.7 percent jump in its standalone net profit at Rs 4,350.32 crore for the March quarter compared to the year-ago period mainly on the back of lower expenses. The company's total income slipped to Rs 22,545.61 crore in the March quarter from 23,617.83 crore year ago

Manpasand Beverages tanked 20 percent after the company's managing director, Abhishek Singh, his brother Harshvardhan Singh and chief financial officer Paresh Thakkar were arrested by the Central GST (CGST) and Customs, Vadodara-II for creating fake company units and committing tax invasion.

Shares of Page Industries plunged nearly 10 percent following March-quarter earnings.

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First Published:May 27, 2019 9:41 AM IST