India's benchmark indices, Sensex and Nifty, hit unprecedented intra-day highs only to close almost flat by the end of Monday.
The cautious atmosphere was driven by profit-taking in FMCG and IT shares ahead of a pivotal US Federal Reserve interest rate decision slated for later this week.
The 30-share BSE Sensex, after opening on a high note, surged by 575.71 points or 0.70% to a new intra-day peak of 81,908.43 in the late morning, thanks to a decline in US bond yields.
However, as the trading day progressed, the enthusiasm waned, and the Sensex closed a mere 23.12 points up or 0.03% at 81,355.84—its highest closing level ever with 16 of its components advancing while 14 ended in the red.
While the NSE Nifty flirted with the 25,000 mark, reaching an intra-day high of 24,999.75 after a surge of 164.9 points or 0.66%. Yet, it too succumbed to the day's volatility, ending marginally up by 1.25 points or 0.01% at an all-time closing high of 24,836.10.
Among the Sensex's top performers was Larsen and Toubro, which climbed 2.77% following news of significant new orders valued between Rs 2,500 crore to Rs 5,000 crore. UltraTech Cement also had a noteworthy day, rising 1.42% after announcing its acquisition of a 32.72% stake in India Cements for Rs 3,954 crore. Conversely, India Cements saw a decline of 0.65%.
Other notable gainers included Bajaj Finserv, Mahindra and Mahindra, State Bank of India, IndusInd Bank, Reliance Industries, and Sun Pharma.
Titan Ltd took a hit, falling 2.38%, with Bharti Airtel (down 2.22%), ITC (down 1.33%), Kotak Mahindra Bank (down 1.04%), and HDFC Bank (down 0.68%) also dragging the indices down from their record highs. The IT sector, particularly Tech Mahindra, TCS, Infosys, and HCL Tech, saw declines of up to 1%.
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