Sensex, Nifty End Choppy Session Higher

Indian shares reversed an early slide to end notably higher on Monday, supported by steady buying in banking and FMCG stocks.

Metal and oil & gas stocks underperformed on concerns over slowing global growth and in response to the new export taxes/restrictions and windfall taxes on oil producers.

Global cues were mixed, with other Asian markets closing on a mixed note on worries about rising COID-19 cases in several eastern Chinese areas while European markets started the week on a positive note amid the Independence Day holiday in the United States.

Closer home, the benchmark S&P BSE Sensex fluctuated before closing up 326.84 points, or 0.62 percent, at 53,234.77. The broader NSE Nifty index rose 83.30 points, or 0.53 percent, to settle at 15,835.35.

FMCG stocks topped the gainers list on expectations that the recent fall in raw material prices will boost their profit margins. ITC, Britannia and Hindustan Unilever jumped 3-4 percent.

IndusInd Bank climbed 3.1 percent after a strong Q1 business update. Rival ICICI Bank advanced 2.4 percent.

On the flip side, Cipla, JSW Steel, Tata Steel, TCS and ONGC fell 2-4 percent.

IndiaMART fell about 1 percent to hit a 52-week low on concerns of weak earnings.

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