Sensex and Nifty lose gains, ending the day flat | Business News

The Benchmark Sensex closed almost flat in a range-bound trade on Monday, with investors booking profits in index heavyweights amid concerns over high valuations. The 30-share BSE Sensex edged up 17.39 points or 0.02 per cent to settle at 73,895.54, hitting a high of 74,359.69 and a low of 73,786.29.

The broader NSE Nifty declined 33.15 points or 0.15 per cent to close at 22,442.70. Kotak Mahindra Bank saw a 5 per cent jump after reporting a 25 per cent growth in its March quarter net profit, while Tata Consultancy Services, Hindustan Unilever, Mahindra & Mahindra, Sun Pharma, Tech Mahindra, and IndusInd Bank were among the other major gainers.

On the flip side, Titan tanked 7 per cent after its March quarter earnings failed to impress investors. State Bank of India, NTPC, Power Grid, Bajaj Finance, and Larsen & Toubro were the other laggards in the market.

Vinod Nair, Head of Research at Geojit Financial Services, noted that the domestic indices traded in a range-bound manner, with major selling pressure due to valuation concerns and profit-booking. Global oil benchmark Brent crude climbed 0.80 per cent to USD 83.62 a barrel, while Foreign Institutional Investors offloaded equities worth Rs 2,391.98 crore on Friday.

In other markets, Shanghai and Hong Kong settled in positive territory, while Japan and South Korea’s markets were closed for holidays. European markets were trading with gains, and Wall Street ended with significant gains on Friday.

Billionaire investor Warren Buffett expressed interest in exploring the “unexplored” opportunities in the Indian market through his conglomerate holding company, Berkshire Hathaway, at the company’s annual meeting on Friday. The BSE benchmark had dropped 732.96 points on Friday, while the NSE Nifty also declined, reflecting the volatile nature of the market.