Benchmark indices erase all intraday gains; selling in IT, metal, media, oil & gas
Sensex closed 189 points, or 0.25 per cent, lower at 74,482.78 while the Nifty 50 closed the day at 22,604.85, down 39 points, or 0.17 per cent.
Stocks paused for breath on Monday as traders digested a 4-day advance on the main benchmark and investors worked the math in a market that is trading at fresh 13-week highs.
The market is consolidating at current levels as it awaits the annual budget for next financial year on February 1st. Indian markets are already the second best performing equity grouping across the world in January as investors bought into beaten down valuations and a sharp dip in prices owing to the government's demonetization drive.
Here are the major trading events of the day:
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* The Nifty fell 16 points to 8,625 points, its highest since October 31st. The index consolidates after a 4-day, 3.5 per cent surge.
* The Sensex dropped 15 points to 27,868 points on the Bombay Stock Exchange. Bharti Airtel is the top gainer. Tata Motors dropped the most and TCS was the top traded stock by value on the Sensex.
* Idea Cellular remained the top draw on the Nifty. The stock has surged 20 per cent in the past 8 sessions on expectations that it will merge with larger, unlisted rival Vodafone Plc as the hyper competitive telecom landscape digests the entry of a financially muscular Reliance JiO.
* Bharti Airtel, Grasim, Sun Pharma and Dr. Reddy's rose 1.3-4.2 per cent. and were among 18 shares that advanced on the Nifty.
* Aurobindo Pharma, Tata Motors, Bharti Infratel, Hero Motor and Cipla fell 1.3-1.8 per cent and were among 33 shares that fell on the Nifty.
* Broader markets are in a consolidating phase with the Nifty 100, 200 and 500 indices trading flat.
* The trend in the sectoral space was mixed with mild profits being booked on metals, software and realty stocks.
* The bears had a slight upper hand on sentiment with 1,200 shares losing compared to 1'129 that rose.
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