NTPC, Sun Pharma Coal India and Asian Paints were among top losers on BSE Sensex
Benchmark indices settled the day marginally lower as investors waited for positive corporate results after Infosys issued lower-than-expected revenue guidance, a disappointing start to the earnings season.
Also, India's wholesale prices rising lower-than-expected at 5.70% year-on-year in March, compared with a 0.45% fall a year ago, dragged down by easing fuel prices affected the sentiment.
The S&P BSE Sensex settled the day at 29,414, down 48 points, while the broader Nifty50 ended at 9,139, down 11 points.
The broader market scuttled between gains and losses with the S&P BSE Midcap and S&P BSE Smallcap gaining 0.2% and 0.5% respectively.
"Rising geopolitical tension and a tepid start to domestic earnings season dragged the indices to consolidation. Investors are waiting for more cues from the upcoming quarter results to determine the market direction and thereby the impact on foreign inflows. In the near term, profit may be booked at every rise as investors are likely to take a conservative approach due to the prevailing tensions," said Vinod Nair, Head of Research, Geojit Financial Services in a technical note.
Sectors and sectors
Shares of Infosys ended 0.6% lower after falling 3.87% on Thursday post March-quarter results. Markets were closed on Friday for a public holiday.
The weak guidance raised concerns about earnings, with Tata Consultancy Services, Yes Bank, and HDFC Bank due to report this week. TCS was also down almost 1% ahead of its earnings tomorrow.
NTPC, Sun Pharma Coal India and Asian Paints were among top losers, while GAIL, RIL, PowerGrid and Dr Reddy's Laboratories were the top gainers.
Shares of real estate companies were in focus with Nifty Realty index hitting an over two-year high on the National Stock Exchange (NSE) in otherwise subdued market. The index rallied 8% in the day. Indiabulls Real Estate, HDIL, Unitech, DLF rallied 42%, 8.4%, 7.1% and 7% respectively.
Indiabulls Real Estate surged 42% on Nifty after the real estate developer said it will restructure the real estate business by demerging commercial and residential into separate companies.
Punj Lloyd rose nearly 5% intraday Monday as its subsidiary received contract in Saudi Arabia. The stock ended 2.65% higher for the day.
Global markets
Global markets and the US dollar dipped on Monday while US bond yields slumped to five-month lows after soft US economic data hurt investor sentiment already frayed by worries over North Korea and coming French elections.
S&P 500 mini futures declined 0.15% to 2,324, edging near a six-week low of 2,317.75 touched in late March following US President Donald Trump's defeat on healthcare reform.
MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.1% in holiday-thinned trade, while Japan's Nikkei fell as much as 0.6% to hit a five-month low before ending up 0.1%.
Most European share markets will be closed for Easter holidays.
Photograph: PTI Photo