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The Nifty 50 ended unchanged at 16,216, while the S&P BSE Sensex fell 0.16% or 86.61 points to 54,395.23.
Sensex and Nifty were in the red.
ACCENTS
- The rupee closed trade at 79.4375/4475 per dollar
- Sensex and Nifty were down around 0.7% earlier in the session.
- The technology index fell 3.1 percent
The Sensex and Nifty pared most of Monday’s losses to end flat after reports that the country may soon scrap export tax on key steel products to revive demand for metals stocks, offsetting a sell-off in technology companies due to demand concerns.
Meanwhile, the rupee ended at a record low to close against the dollar on Monday as continued foreign portfolio outflows from local stock markets and a generally stronger greenback weighed on the currency despite periodic dollar selling intervention.
The partially convertible rupee closed trade at 79.4375/4475 per dollar, compared with Friday’s close of 79.25. The unit hit a vital low of 79.44 during the session, surpassing its previous low of 79.3750 reached last week.
The NSE Nifty 50 ended unchanged at 16,216, while the S&P BSE Sensex fell 0.16 percent or 86.61 points to 54,395.23. The indexes were down about 0.7% earlier in the session.
The technology index fell 3.1 percent, dragged down by Tata Consultancy Services, whose shares fell as much as 4.9 percent to hit a three-week low after the company missed quarterly profit estimates by a wide margin on Friday, as employee-related with that, costs soared.
However, news that the Indian government may soon raise export taxes boosted steel companies, limiting overall losses in the Mumbai market, analysts said. The Nifty metals index rose nearly 2 percent.
Eicher Motors was the top gainer in the Nifty 50 index, rising 3.9%, while Bharti Airtel was the top loser, falling 5%.
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