Markets trim early gains to close flat on profit-taking

Among the 50 stocks listed on the Nifty50, 25 closed lower

MUMBAI: After opening at record highs, the benchmark indices Sensex and Nifty lost momentum in the second half of the trading session due to selling pressure across almost all counters and ended on a flat note on Monday.

Analysts suggest that investors are currently in a mood for profit-taking and are buying shares later at lower prices, anticipating that these shares will hit record highs given the current market conditions.

The BSE Sensex closed at 81,356, up 0.03 per cent or 23 points, after reaching an all-time high of 81,908.43 earlier in the day.

Similarly, the NSE Nifty50 ended at 24,836, up 0.01 per cent or 1 point, following a peak of 24,999.75, just 0.25 points shy of the 25,000 mark.

PSU Banks, media led gain

Among the 50 stocks listed on the Nifty50, 25 closed lower, with Bharti Airtel, Titan, Cipla, ITC, and Tata Consumer among the top laggards. Conversely, 25 stocks posted gains, led by Divi’s Labs, BPCL, Larsen & Toubro, Bajaj Finserv, and Mahindra & Mahindra.

In broader market performance, mid-cap stocks outshone their peers, with the Nifty MidCap 100 index reaching a new record high of 58,455.10 before settling at 58,364.65, up 1.03%. The Nifty SmallCap index also closed 1% higher.

Sector-wise, the PSU Bank, Media, and Realty indices led the gains, rallying up to 2.25%, while FMCG, IT, and select financial services sectors closed lower.

Oil down on worsening Middle East conflict

In the oil markets, prices increased on Monday due to heightened tensions in the Middle East following a rocket attack in the Golan Heights. Israel and the U.S. have blamed Hezbollah, which has denied involvement. Although Brent crude and WTI futures saw modest gains, concerns about China’s demand limited the increases. The potential for a wider conflict and ongoing Gaza ceasefire talks influenced market sentiment.

Brent crude oil futures settled up $1.14, or 1.34%, at $86.39 per barrel, while U.S. West Texas Intermediate crude futures settled up 84 cents, or 1.04%, at $81.74 per barrel. WTI futures had also risen by over $1 a barrel earlier in the session.