The Indian market erased gains around noon on Monday as financials and oil marketing companies dragged indexes. Earlier, benchmark indexes started the week on a strong note, tracking a global rally as fears related to the US-Mexico trade war ebbed amid hopes of the US Federal Reserve cutting interest rates. Also, the revised guidelines of the Reserve Bank of India on stressed loans helped in improving sentiments.

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At 12.08 pm, the BSE Sensex was up by just 99 points, or 0.25 percent, trading at 39,714.91. The NSE Nifty50 traded higher by 30.65 points, or 0.26 percent, at 11,901.30.

Broader market indexes slipped with the Nifty MidCap down by 0.27 percent and the BSE MidCap also in the red.

Among sectors, 27 advanced, led by IT and FMCG, while the Nifty Media dipped 1.72 percent, the most among 16 declining sectors. Nifty PSU Banks and BSE Oil & Gas were two other major falling sectors.

Banking gauge, Nifty Bank, slipped 0.41 percent, falling almost 400 points from the day's high, with only two stocks advancing as 10 declining. Yes Bank, Punjab National Bank, Bank of Baroda, Kotak Bank slipped between 1 and 3.6 percent.

Among index gainers, Bharti Infratel, Britannia, Tech Mahindra, Infosys, Tata Consultancy Services, HCL Technologies, Tata Steel, Power Grid rose between 1 and 2.6 percent.

Yes Bank, BPCL, Zee Entertainment, Tata Motors, IOC, Kotak Mahindra Bank, Coal India and HDFC fell between 1 and 4 percent.

Dewan Housing Finance Limited (DHFL) shares

gained on Monday, rising to the day's high of Rs 91.50, surging nearly 10 percent. The recovery came after DHFL chairman Kapil Wadhawan told CNBC-TV18 that the company is not facing any solvency issues and is well on track with the non-convertible debentures (NCDs) pay-out.

Shares of Jammu & Kashmir Bank (J&K Bank) plummeted nearly 20 percent in opening deals on Monday after the Jammu & Kashmir government removed the chairman and managing director (CMD) of J&K Bank, Parvez Ahmed and appointed the bank’s executive president, RK Chhibber as interim chairman. The stock fell as much as 19.9 percent, hitting the lower circuit, to Rs 47.60 per share on BSE.

Shares of Reliance Power fell over 23 percent on Monday after the company reported weak results for March- quarter and FY19 results.

Globus Spirits shares gained nearly 5 percent on Monday after an upward revision of selling rates of country liquor in Rajasthan.

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