New Delhi | Jagran Business Desk: The Indian equity benchmarks Sensex and Nifty closed in the red, erasing all gains of the morning session. The S&P BSE Sensex fell by 98 points to close at 38,756.63 while the Nifty slipped 24.40 points to close at 11,440.05.

The top loser in the Sensex pack was Bharti Airtel which fell by more than 3 per cent on the opening day of the week. Apart from Bharti Airtel, Bajaj Finance, PowerGrid, SBI, HDFC Bank and Sun Pharma also suffered loses. 

Meanwhile, HCL Tech gained by 10 per cent in the Sensex pack. Apart HCL Tech, TCS, Infosys, Tech Mahindra and Titan too also gained by 5 per cent in the Sensex pack. 

The market had opened on a positive note after the S&P BSE Sensex jumped over 300 points in early trade while the NSE Nifty rose by 89.15 points to 11,553.60.

However, the gains were lost during the afternoon session. The experts said that the reasons for the loses in the afternoon session was because the selling was witnessed in banks and financial stocks.

"Indian markets started off with handsome gains not only following positive Asian and global market peers but also positive domestic sentiments," news agency PTI quoted Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi, as saying. 

Meanwhile, Bourses in Shanghai, Hong Kong, Seoul and Tokyo ended with gains, while stock exchanges in Europe opened on a tepid note after Biopharmaceutical giant AstraZeneca and the University of Oxford on Saturday resumed trials for their coronavirus vaccine in the UK after the Medicines Health Regulatory Authority's approval.

The human trials resumed days after a pause was announced in the trials after an adverse reaction in one of the participants.

On the other hand, global oil benchmark Brent crude was trading 0.85 per cent lower at USD 39.49 per barrel.
In the forex market, the rupee pared some of its early gains and closed 5 paise higher at 73.48 against the US dollar. 

(With PTI inputs)

Posted By: Aalok Sensharma