Sensex Ends Marginally up; IT, Metal Save The Day

Mumbai: Markets started the week on a tepid note on Monday, with benchmark Sensex rising 17 points to end at 28,352 on fag-end buying in IT, metal and power stocks amid positive global cues.

The broader Nifty also managed to hold on to the crucial 8,800-level in volatile trade.

Participants were on a wait-and-watch mode ahead of release of CPI data.

Government data on Friday showed that industrial output contracted 0.4 per cent in December to a four-month low, with consumer durables output plummeting by over 10 per cent and an overall decline in manufacturing, impacted by demonetisation.

The 30-share Sensex resumed higher at 28,450.42 and advanced to 28,458.80 following initial buying by investors and sustained foreign fund inflows.

However, emergence of profit-booking at every rise took its toll, and the index slipped to touch a low of 28,197.38 before settling 17.37 points, or 0.06 per cent higher at 28,351.62.

The gauge has gained 44.33 points in the previous two sessions.

"Stock markets started the week on lacklustre note.

Benchmark indices opened the day in the red and edged lower through trade to finally closed near the flat line. On the sectoral front, PSU banks came under severe selling pressure while IT and media stocks saw some buying activity," said Karthikraj Lakshmanan, Senior Fund Manager Equities, BNP Paribas Mutual Fund.

The 50-share Nifty too settled 11.50 points or 0.13 per cent higher at 8,805.05 after moving between 8,826.90 and 8,754.20.

Meanwhile, Foreign portfolio investors bought shares worth net Rs 504.51 crore last Friday, as per provisional data.

In Asian markets, Shanghai stocks led the gains by rising 0.63 per cent. Hong Kong's Hang Seng rose 0.58 per cent and Japan's Nikkei gained 0.41 per cent following another record close in the US markets on Friday as investors cheered US President Donald Trump's promise of details on tax reform and his softer tone on China and Japan.

European markets also gained, with key indices in France, Germany and the UK rising up to 0.65 per cent. .