nifty 50 The index closed up 0.04% at 19,680.60, while the S&P BSE Sensex fell 0.04% to 66,355.71.
Seven of the 13 major sectoral indices posted gains, with the metal index up 2.94% and the auto index up 0.95%.
The rise in metals came after China, the world’s biggest metal producer and consumer, announced plans to provide further support to its post-Covid economic recovery. JSW Steel, Hindalco and Tata Steel topped smelly 50 beneficiaries.
Asian markets also moved up on hopes of more stimulus measures from China, with the MSCI Asia ex-Japan index gaining 1.8%.
Auto shares soared 5.88% on TVS Motor’s better-than-expected rise in quarterly profit.
index heavyweight ITC declined 1.92% and was among the top losers in the Nifty 50. The company’s board on Monday gave in-principle approval for demerging its hotel business into a new entity. ITC will hold 40%, while shareholders will hold the rest.
“We believe some investors would have preferred a vertical split (100% direct),” Jefferies said in a note.
The stock has declined 5.74% so far this week. The company will host an analyst/investor call on July 27 to discuss further details on the proposed demerger.
Asian Paints lost 4.04% and was the top Nifty 50 loser after reporting lower-than-expected growth in quarterly revenue.
“(We) believe that market upside will be limited in the near term given the high valuations and soft start to June-quarter earnings season,” said Pankaj Chhaochharia and Abhimanyu Godara of Antique Stock Broking.
Analysts also expect markets to be cautious ahead of the Federal Reserve’s policy meeting on Wednesday.