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Markets pare early gains to end lower

Markets pare early gains to end lower
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Markets pare early gains to end lower

Highlights

Sensex down 98 pts, Nifty closes at 11,440

Mumbai: Domestic equity benchmark Sensex pared early gains to end 98 points lower on Monday, tracking losses in index majors HDFC twins, Reliance Industries and Bharti Airtel.

After gyrating 657 points during the day, the 30-share BSE index settled 97.92 points or 0.25 per cent lower at 38,756.63. The NSE Nifty slipped 24.40 points or 0.21 per cent to close at 11,440.05.

Bharti Airtel was the top loser in the Sensex pack, falling over 3 per cent, followed by Bajaj Finance, PowerGrid, SBI, HDFC Bank and Sun Pharma.

HCL Tech was the top gainer, rallying around 10 per cent, after the company said its revenue and operating margin for the September quarter are expected to be 'meaningfully better' than the top end of its previous forecast. TCS, Infosys, Tech Mahindra and Titan too ended with up to 5 per cent gains.

"Indian markets started off with handsome gains not only following positive Asian and global market peers but also positive domestic sentiments," said Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi.

However, during the afternoon session, the gains were lost and benchmarks fell into the negative zone as selling was witnessed in banks and financial stocks, he added.

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