On a sectoral front, the Nifty IT index led among the losers. Other than it, only the Nifty FMCG and oil & gas settled lower 
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On a sectoral front, the Nifty IT index led among the losers. Other than it, only the Nifty FMCG and oil & gas settled lower Domestic equity market took a U-turn during the fag-end session today as Reliance Industries' much-awaited annual general meeting (AGM) gained momentum but profit booking dented sentiments.
For the day, the 30-share pack BSE Sensex gained 110.09 points, or 0.17 per cent, to settle at 64,996.60, while NSE's Nifty rose 40.25 points, or 0.21 per cent, to end the day at 19,306.05. Broader markets outperformed the headline peers as the BSE midcap and smallcap indices gained more than half a per cent each. Fear gauge India VIX spiked about 3 per cent to 12.40-levels.
Markets erased most of its intra-day gains to end marginally higher amid profit taking in Reliance Industries counter. Positive global cues helped local shares end in positive territory, but markets were volatile as mounting concerns over likely interest rate hike by the US Fed in view of higher inflation coupled with stagflation in China and domestic FII flows remaining choppy continue to weigh on sentiment, said Shrikant Chouhan, Head of Research (Retail), Kotak Securities.
"Technically, although Nifty cleared the intraday resistance of 19,350, it failed to close above the same due to profit booking at higher levels. The index has formed a double bottom formation near the important support level, indicating strong possibility of a pullback rally from the current levels. For day traders, as long as the index is holding 19,220, the positive sentiment is likely to continue, above which, the pullback rally till 19,400-19,450. On the other side, below 19,220, the selling pressure is likely to accelerate, and below the same the index could slip till 19,150-19,120," he said.
On a sectoral front, the Nifty IT index led among the losers. Other than it, only the Nifty FMCG and oil & gas settled lower. Among the gainers, the Nifty pharma, healthcare and realty indices added about a per cent each. The Nifty PSU Bank, auto, financial services and private bank indices also posted decent gains.
In the Nifty50 pack, Power Grid jumped about 3 per cent for the day, while Larsen & Toubro, Cipla, Mahindra & Mahindra and Bharat Petroleum Corporation gained 2 per cent each. Hero MotoCorp, HDFC Bank and Maruti Suzuki were also among the key gainers for the day.
On the downside, Jio Financial Services dropped more than 2 per cent, while Reliance Industries shed more than a per cent at the closing. Adani Enterprises, Hindalco Industries, Nestle India, Titan Company, ITC and Hindustan Unilever also featured in the top losers list for Monday's session.
The highly anticipated Jackson Hole meeting didn’t bring much surprise, as the Fed chair expressed satisfaction with the progress of policy measures and reiterated its commitment to managing inflation within target bounds, said Vinod Nair, Head of Research at Geojit Financial Services.
"This has raised expectations of a rate hike during the November Fed meeting. Global markets traded positively, led by Asian peers, as China's measures to support the property sector boosted sentiment. Domestically, all major sectors, along with mid and small caps, remained positive, except for the IT sector, which faced concerns related to potential rate hikes," he said.
A total of 3,907 shares were traded on BSE on Monday, of which 2,053 settled with gains. 1,688 stocks ended the session with cuts while 166 shares remained unchanged. A total of 365 shares hit their upper circuit, whereas 235 shares tested the lower circuit levels for the day.
In the broader markets, Jaiprakash Associates surged more than 19 per cent, while Atul Auto gained about 16 per cent for the day. Railtel Corporation of India jumped 15 per cent and Texmaco Rail & Engineering settled 13 per cent higher. GMDC and Indiabulls Housing Finance surged 11 per cent for the day.
Among the losers, Newgen Software Technologies tanked 7 per cent, while Tatsy Bite Eatables plunged 6 per cent for the day. GRM Overseas, NGL Fine-chem, Orient Paper & Industries and Paisalo Digital shed 5 per cent each. Titagarh Rail Systems and Mishtann Foods declined 4 per cent each.
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