MUMBAI: Benchmark indices started trading on a bearish note on Monday in tandem with weak global market trends, but soon recovered all initial lost ground and traded in positive territory.
After a weak start, the 30-share BSE Sensex ended 299.15 points lower at 58,541.64 in early trade. The NSE Nifty also fell 89.85 points to 17,441.
However, later both the benchmark indices regained all the initial lost ground and were trading higher. Sensex was trading 157.23 points higher at 58,998.02, while Nifty was trading 49.70 points higher at 17,580.55.
From the Sensex pack, UltraTech Cement, Asian Paints, Titan, Dr Reddy’s, Tata Steel, HCL Technologies, Maruti and ICICI Bank were the major laggards in early trade.
Mahindra & Mahindra, IndusInd Bank, Infosys, Bajaj Finserv and State Bank of India were trading in the green.
Elsewhere in Asia, markets in Seoul, Shanghai, Tokyo and Hong Kong were trading lower.
US markets closed in negative territory on Friday.
“Near-term market structure has weakened and buying on dips strategy is unlikely to work in the current risk-free global environment. FII turning sellers is a short-term downside. The market is likely to take a decisive trend. Only after the Fed policy announcement on September 21,” said VK Vijayakumar, chief investment strategist at Geojit Financial Services.
The 30-share BSE benchmark had closed 1,093.22 points or 1.82 per cent lower at 58,840.79 on Friday. The Nifty closed at 17,530.85, down 346.55 points or 1.94 per cent.
Meanwhile, international oil benchmark Brent crude rose 0.62 per cent to $91.92 a barrel.
According to data available with the BSE, foreign institutional investors (FIIs) offloaded shares worth Rs 3,260.05 crore on Friday.