BSE Sensex went down 71 points to 61,689.38 and NSE Nifty lost 21 points to 18,244.35. The top gainers on Nifty 50 were IndusInd Bank, Tata Motors, Power Grid, Bajaj Auto and HCL Tech while the losers were UPL, Dr Reddy, SBIN, Grasim and Adani Ports.
The benchmark indices of the domestic equity markets on Monday recovered the losses made on Friday, tracking strong global cues. The better-than-estimates earnings also helped investors' sentiments.
Indian stock indices have managed to end this week with gains on a cumulative basis. Benchmark Sensex and Nifty indices accumulated 0.8-1.0 per cent gains.
Indian stock indices declined Friday morning, largely due to profit booking after the recent consistent bull run. Indian stock indices had been rising for about two weeks, backed by higher-than-estimated Q4 earnings, firm GST collection and foreign fund inflows.
Strength in Indian stock indices continued from the past few sessions which opened in the green on Thursday, but was limited as US Fed in its fight against inflation raised interest rates by another 25 basis points.
There will be no movement on the Indian stock exchanges on Monday (today) as they will be closed on account of Maharashtra Day. Normal trading activities will resume on Tuesday.
Foreign portfolio investors (FPIs) have remained net buyers in Indian stock markets for the second straight month after having sold two months on a trot in January and February, latest data from the National Securities Depository (NSDL) revealed.
Investors' sentiments across the world by and large will be influenced by the FOMC meeting outcome. It is expected that the European Central Bank (ECB) will announce its interest rate decision on May 4.