Indian equity benchmarks were trading almost flat on Monday’s afternoon session, with both Sensex and Nifty trading slightly lower. The market was uncertain about the consequences of the price cap on oil, which is being discussed at the global level. This is encouraging oil and gas traders to stock up on volumes, consequently increasing pressure on India’s balance of payments. However, the markets were buoyant with the appreciating rupee against the dollar by 21 paise to 82.14 in early morning deals.

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The Sensex was trading at 60,863.80 down by 86.56 points or 0.14% after trading in a high-low range of 61.401.54 and 60,863.26. On the index, 11 stocks were advancing and 19 were declining.

The broader indices were trading mostly green with the BSE Midcap index up by 0.57% and the Small-cap index up by 0.46%.

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The top gaining sectoral indices on the BSE were Metal up by 0.82%, Commodities 0.76%, Utilities 0.66%, Bankex 0.52% and Oil & Gas 0.51%. While Consumer Durables down by 0.51%, Healthcare 0.49%, TECK 0.44%, and IT 0.38% were the only losing sectoral indices on the BSE.

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The top gainers on the Sensex were SBI up by 3.17%,  Tata Steel 2.00%, Ultratech Cement 0.83%, Power Grid Corp 0.71% and  Maruti Suzuki 0.58%. On the flip side, Asian Paints down by 2.27%, Sun Pharma Industries 1.39%, Titan Company 1.35%, Bajaj Finserv 1.30% and Infosys 1.13% were the top losers on the index.

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The Nifty was trading at 18,115.50 down by 1.65 points or 0.01% after trading in a high-low range of 18,255.50 and 18,113.75. On the index, 24 stocks were advancing, against 26 stocks declining.

The top gainers on Nifty were Britannia Industries up by 9.04%,  SBI 2.17%, Adani Enterprises 2.95%, BPCL 2.37% and Tata Steel 1.91%. While Asian Paints down by 2.19%,  Cipla 1.89%,  Divi’s Lab 1.66%, Sun Pharma Industries 1.39 and Titan Company 1.38% were the top losers on the index.

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Asian markets were trading slightly higher, Nikkei 225 advanced 1.21%, Shanghai Composite rose 0.23%, KOSPI Composite rose 0.99%, and Hang Sang appreciated 2.87%.