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Nifty, Sensex reduce gains as OMCs trade under pressure

The markets erased morning gains through mid-market on Monday as financials and Oil Company’s stocks dragged indexes.

At 1.20pm, the BSE Sensex was up by just 77 points, trading at 39,693.76. The broader Nifty50 index traded higher by 19points  at 11,889.75

Broader market indexes declined with the Nifty MidCap down by 0.31pc and the BSE MidCap also down by 0.11pc

Among sectors, Nifty IT, Pharma and FMCG, advanced while the Nifty Media and PSU bank were two major falling sectors, down over 2 percent.

Nifty energy index down by 0.83%, with major falls in Reliance Infra, BPCL, HPCL and IOC.

Banking popular index, Nifty Bank, slipped 0.34pc, with only four stocks advancing as 8 declining. YesBank, BPCL, TataMotors and IOC slipped between 2 and 3percent.

Yes Bank, BPCL, Zee Entertainment, Tata Motors, IOC, KotakMahindra Bank, CoalIndia and HDFC fell between 1 and 4 percent, on Nifty50 pack.