NEW DELHI: Markets witnessed a muted start with the benchmark BSE Sensex down over 100 points to trade below the 35,000-mark on Monday. Sensex plunged 114 points to 34,897, while the broader NSE Nifty stood below 10,550 in opening trade.
Soon after, both the BSE and NSE indices gained some momentum to trade almost flat.
Axis Bank, ONGC, State Bank of India (SBI), Sun Pharma and Yes Bank were among the top gainers on the BSE platform, rising as much as 2.10 per cent. On NSE, sub-indices Nifty PSU Bank and Realty were leading the pack, surging the 1.42 per cent.
Trend from global equities, macroeconomic data as well as movement of the rupee and crude oil prices will set the tone for the stock markets in the holiday-shortened week, experts said.
PMI data for the services sector, scheduled to be released later in the day, might have a bearing on market sentiment, they added.
On the other hand, Asian stocks were hammered as fears of faster rate hikes in the United States and uncertainty around the Sino-US trade war dented risk sentiment, while sterling jumped to two-week highs on hopes of an orderly Brexit.
Meanwhile, the rupee depreciated 34 paise to 72.79 against the US dollar in early trade at the interbank forex market on foreign fund outflows. The rupee opened lower at 72.76 per dollar against previous close of 72.45 and dropped further to quote 34 paise down at 72.79 in opening trade.
(With inputs from agencies)