“After consolidating last week, there have been no fresh triggers that can take the market either side – the news out of Russia also turned out to be a non-event,” said Neeraj Dewan, independent market analyst in New Delhi.
Domestic equities appeared to brush off worries of political instability in Russia and a subsequent rise in oil prices after a short-lived mutiny by Russian mercenaries against Moscow. [MKTS/GLOB]
“The market will be waiting for any signals that inflation will improve globally and that monsoon, which was a dampener till last week, will pick up,” Dewan added.
Last week, the Nifty consolidated just shy of record levels, while the Sensex eased after hitting an all-time high, weighed down by hawkish central bank commentary.
Tata Consumer Products was the top percentage gainer on the Nifty on Monday, rising 3%.
Shree Cement slumped as much as 10% after an NDTV report on tax evasion by the company, following surveys by the income tax department in the state of Rajasthan.
Shree Cement did not immediately respond to Reuters’ request for comment on the report. The company said in a statement late Saturday that the survey was still going on.
ICICI Securities, a unit of private lender ICICI Bank, surged 13% after the company said it was considering delisting its shares.
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