Markets Trade Flat, Asian Markets Lose Ground

Benchmark indices were trading flat with a slight negative bias, in early trade on Monday. The Nifty had record highs on both Thursday and Friday last week.

The Sensex on Monday, was trading with losses of 30 points, while the Nifty was down 10 points at 9.20 am.

Shares in Affle India gained ground after the company reported a good set of quarterly numbers. The stock was up 1% in trade today. The IT services and consulting firm for the Q4 quarter of FY21 posted three fold increase in consolidated profit at Rs. 58.78 crore.

Bank of Baroda shares lost ground after the bank reported its Q4FY21 results. The public sector lender posted a net loss of Rs. 1047 crore owing to an increase in the bad loan provision. On a year on year basis, the provisions increased by 44 percent to Rs. 4593 crore. The stock was down 2.5% in trade.

Reliance Industries, which has surged on Friday, continued to hold firm with gains of 0.40%. Banking stocks were seeing slight selling pressure with the bank Nifty down marginally in trade.

Most analysts believe that the structure of the markets remain strong with re-opening of lockdowns. All eyes would be on global cues and the outcome of the Monetary Committee (MPC) to be held later this week and the GDP data due later today.