Sensex, Nifty Give Up Initial Gains On Weak Global Cues
(RTTNews) - Indian shares ended Monday's session marginally lower, tracking weak cues from global markets.
China stimulus hopes faded after Friday's State Council meeting ended with no concrete policies to boost the economy.
Hawkish comments from Fed officials and data pointing to elevated inflation in key parts of the U.S. service industry rekindled concerns about inflation and interest rates.
Investors also turned their focus to China's June loan prime rate announcement and Fed Chair Jerome Powell's testimonies due this week for clues on the monetary policy path ahead.
The benchmark S&P BSE Sensex ended virtually unchanged at 63,168.30, giving up earlier gains. The broader NSE Nifty index ended down 70.55 points, or 0.37 percent, at 18,755.45.
Adani Enterprises led losses to end down nearly 4 percent while Hero MotoCorp, Kotak Mahindra Bank, Adani Ports and Axis Bank all fell around 2 percent.
Financials topped the gainers list, with Bajaj FinServ, Bajaj Finance and HDFC Life climbing 2-3 percent.
IT stock such as TCS and Tech Mahindra rose 1 percent and 1.5 percent, respectively.
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