Insipid markets…Sensex, Nifty drift lower

The Indian markets ended with marginal losses on Monday, the NSE Nifty consolidated for the fourth straight trading session. After opening near days low, markets remained in a narrow range.



It was more of a stock specific day; index heavyweight HDFC Bank announced its Q1 results which were better than expected, the stock added half a percent during the day.

"The overall trend remained muted in the face of mixed global cues. A 2% gain in China's benchmark was the only saving grace in Asia today. Markets in Europe too were listless before turning higher," says Amar Ambani, Vice President, Research IIFL.

The Sensex ended at 17,928, losing 27 points while the Nifty shed 8 points to shut shop at 5,386.

Among the BSE sectoral indices, the BSE FMCG index was top loser; the index lost 1.3%, followed by BSE Consumer Durables index was down 1% and BSE Realty index was down 0.9%. Among the top gainers, BSE PSU index was up 0.8% and BSE Banking index was up 0.3%.

Even the Mid-Cap index and the Small-cap index marginally added 0.2% each.

Outside the frontline indices, the big losers in the broader market were Godrej Consumers, Renuka Sugar, IFCI, Aban Offshore and Mundra Port. On the other hand, gainers included Andhra Bank, EIH, IOB, Aditya Birla Nuvo and Canara Bank.