The Indian markets started the week with a bang where the key benchmark indices opened at their highest levels in more than a week on the back of positive Asian cues.
However, the markets could not sustain the upbeat mood and swung between positive and negative zone in afternoon trade.
Finally at the close the Sensex settled in the red, closing down 34 points at 18,232 which is down 148 points from the day's high while the Nifty ended on a flat note at 5,473.
Earlier the day, the BSE Sensex firmed up by nearly 100 points in the early part of the session due to the gains in index heavyweight Reliance Industries, Infosys and Larsen & Toubro coupled with companies declaring their Q4 numbers on Monday like ONGC, Mahindra & Mahindra, Indian Oil Corporation, BPCL and National Aluminium Company moving higher in the morning trades.
Thereafter, the markets caved into selling pressure induced by profit-booking following the gains starting on Thursday, thus swinging nearly 180 points through the day.
Among the sectoral indices, Health Care and Consumer Durables lead the gains, up 2%
On the other hand, Auto index closed in the negative losing 1.5% which was the major dragger through the day. Oil & Gas, Metal and FMCG are some other indices that closed in the negative.
Among the auto scrips, the draggers were Mahindra & Mahindra which reported their Q4 results on Monday.
Even though the company reported a 6.3% rise in quarterly net profit, driven by strong volume growth, the forecast was disappointing due to higher raw material costs which are sure to weigh on margins.
Apollo Tyres down 2%, Tata Motors and Exide Industries which shed nearly 1% each were the other notable losers.
