Stock Markets Trade Flat after Sharp Rally Last Week

Benchmark equity indices Sensex and Nifty recorded marginal gains in early trade on Monday but later faced highly volatile trends and were quoting flat amid profit-taking after a sharp rally last week.

Markets are awaiting outcome of this week's US Federal Reserve policy meeting.

The 30-share BSE Sensex went up by 93.81 points to 81,998.51 in early trade. The 50-share NSE Nifty edged higher by 24.45 points to 25,138.45.

Later, the BSE benchmark quoted 10.06 points down at 81,904.31, and the Nifty traded 12.65 points lower at 25,099.90.

From the Sensex firms, Bajaj Finance, Eternal, Tata Motors, Adani Ports, Power Grid and State Bank of India were among the gainers.

Infosys, Sun Pharma, Tata Consultancy Services and Tech Mahindra were among the laggards.

In Asian markets, South Korea's Kospi, Shanghai's SSE Composite index and Hong Kong's Hang Seng traded in positive territory.

US markets ended on a mixed note on Friday.

On Friday, the Sensex jumped 355.97 points or 0.44 per cent to settle at 81,904.70, rallying for the fifth day in a row. The Nifty rallied 108.50 points or 0.43 per cent to 25,114, registering its 8th straight day of uptrend.

Last week, the BSE benchmark jumped 1,193.94 points or 1.47 per cent, and the Nifty climbed 373 points or 1.50 per cent. In eight trading days, the Nifty has jumped 534.4 points or 2.17 per cent.

Global oil benchmark Brent crude climbed 0.60 per cent to USD 67.39 a barrel.

Foreign institutional investors (FIIs) bought equities worth Rs 129.58 crore on Friday, according to exchange data.