Markets give up early gains in favor of lower trading

<p>In the early going on Monday, benchmark equities indexes saw erratic patterns, giving up early gains to close down on a lackluster lead from Wall Street and increasing crude oil prices.</p>
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<p>After a sluggish start to the session, the 30-share BSE Sensex rose 126.36 points to 72,769.79 in early trade. The NSE Nifty reached 22,044, up 20.65 points.</p>
<p>Later on, however, both of the main market indexes lost ground after initially posting gains. The Nifty fell 56.70 points to 21,953.70, while the 30-share BSE quoted 118.03 points down at 72,525.40.</p>
<p>The gainers from the Sensex basket were HCL Technologies, Tata Steel, JSW Steel, Axis Bank, and Mahindra & Mahindra.</p>
<p>Among the laggards were Asian Paints, Power Grid, Titan, and Maruti. Hong Kong, Shanghai, Tokyo, Seoul, and other Asian markets were trading higher. US stock markets had a decline on Friday.</p>
<p>According to market statistics, foreign institutional investors (FIIs) purchased stocks on Friday for a total of Rs 848.56 crore.</p>
<p>The market is predicted to become more volatile on Wednesday due to the US Federal Reserve’s impending announcement. The next Lok Sabha elections are also attracting investors’ interest, according to Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.</p>
<p>According to him, bears may take the lead after Wall Street gave a poor start in Friday’s trading session, which might cause volatility in the Nifty as bullish traders pull back in expectation of a future Fed rate decrease.</p>
<p>The benchmark for world oil, Brent crude, increased 0.36 percent to USD 85.65 a barrel.</p>
<p>On Friday, the 30-share BSE benchmark fell 453.85 points, or 0.62 percent, to end the day at 72,643.43. The NSE Nifty fell to 22,023.35, a loss of 123.30 points, or 0.56 percent.</p>