India Indices Erase Early Gains, Nifty Realty Soars 4%, Banks Lag

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India Indices Erase Early Gains, Nifty Realty Soars 4%, Banks Lag

By Malvika Gurung -- Major Indian indices erased most of their opening gains in the afternoon session on Monday as banking and financial stocks exerted pressure on the domestic market.

At 2:40 pm, benchmark indices Nifty50 traded 0.14% higher at 17,624.9 points and Sensex advanced 12.95 points. 

The market fear barometer India VIX fell surged 5% to 12.38 levels while writing.

Gains on Dalal Street were led majorly by realty stocks, along with support from IT and auto stocks.

Heavyweights Tata Motors (NS: TAMO ), ONGC (NS: ONGC ), Adani Enterprises (NS: ADEL ) and Grasim (NS: GRAS ) led the rally on the Nifty pack, while market majors Bajaj Finance (NS: BJFN ), IndusInd Bank (NS: INBK ), Asian Paints (NS: ASPN ), ICICI Bank (NS: ICBK ) and Tata Consumer Products (NS: TACN ) pulled the index lower.

Sectoral indices listed under the Nifty umbrella traded on a mixed note during Monday’s afternoon trade, with Nifty Realty soaring 4%, followed by Nifty Auto up 1.15%.

Nifty PSU Bank declined the most in the session, while Nifty Private Bank followed suit. Nifty Bank slid 0.53% at the time of writing.

Key US contracts Dow Futures traded flat and Nasdaq 100 Futures slid 0.25%.

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