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Sensex, Nifty flat; IT stocks fall, auto stocks, Reliance Industries gain

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Indian equity benchmarks fell on Monday on weakness in Tata Consultancy Services as investors posted profits at record highs after reporting September quarter earnings. The Sensex fell up to 248 points and the Nifty 50 index touched a low of 17,839. However, the markets recovered early losses and were trading on a flat note as gains in Reliance Industries, Kotak Mahindra Bank, HDFC Bank and HDFC provided support to the markets.

As of 9:24 am, the Sensex was down 44 points or 0.07 per cent at 60,014 and the Nifty 50 index was unchanged at 17,894.

Asian shares rose on Monday on gains in China, helping US stock futures offset early losses, while rising Treasury yields pushed the dollar to a nearly three-year peak against the Japanese yen.

Nasdaq futures and S&P 500 futures were both down about 0.1 per cent, but were well above opening levels. EUROSTOXX 50 futures declined 0.1 per cent and FTSE futures held steady.

Oil prices extended their bull run, with gains in the energy complex raising inflation concerns.

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