Sensex, Nifty start on a cautious note

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Mumbai: Domestic equity benchmarks BSE Sensex and NSE Nifty started on a cautious note Monday amid weak cues from other Asian markets and rising crude prices.

The 30-share index was trading 50.59 points, or 0.13 per cent, higher at 39,245.08 at 0930 hours. Similarly, the broader NSE Nifty was quoting 5.55 points, or 0.05 per cent, up at 11,729.65.

In the previous session Friday, the BSE gauge settled 407.14 points, or 1.03 per cent, lower at 39,194.49, and the broader NSE Nifty tumbled 107.65 points, or 0.91 per cent, to 11,724.10.

Top gainers in the Sensex pack included IndusInd Bank, L&T, Bharti Airtel, Asian Paints, TCS, NTPC, SBI, ITC, HDFC twins, ICICI Bank and Infosys, rising up to 1.35 per cent.

While, Bajaj Auto, Hero MotoCorp, TechM, ONGC, Sun Pharma, Tata Motors and RIL shed up to 2.31 per cent.

According to experts, volatility in crude oil prices due to global political uncertainty has dampened investor sentiment. Going ahead, the upcoming Union budget will remain the key event in the market.

The global oil benchmark Brent crude futures rose 0.40 per cent to 64.71 per barrel. On the currency front, the Indian rupee was trading almost flat at 69.57 against the US dollar.

Elsewhere in Asia, Shanghai Composite Index, Hang Seng, Nikkei and Kospi were trading on a positive note in their respective early sessions. On Wall Street, S&P500 and Nasdaq ended in the red on Friday.

Meanwhile, on a net basis, foreign institutional investors sold equity worth Rs 730.58 crore, while domestic institutional investors purchased shares to the tune of Rs 445.75 crore, provisional data available with stock exchanges showed Friday.