Mumbai, Sep 7 (IANS) The Indian equity indices closed on a flat-to-positive note on Monday after a largely choppy and subdued trade.
The BSE Sensex closed at 38,417.23 points, higher by 60.05 points, or 0.16 per cent, from the previous close of 38,357.18.
The Nifty50 on the National Stock Exchange ended at 11,355.05, higher by 21.20 points, or 0.19 per cent, from its previous close.
It had opened at 38,284.78 and has touched an intra-day high of 38,519.92 and a low of 38,060.74 points
Rahul Sharma, Market Strategist & Research Head, Equity99 Advisors, said: “Markets have been experiencing unusual movements since the new margin rules as brokers and investors are still getting used to the same. In an otherwise dull and range-bound trading session, markets showed signs of recovery in the last hour, buying in index-heavyweight stocks. We expect a sharp recovery in the global markets and domestic markets in the coming days.”
In a joint statement on Monday, depositories and clearing corporations said that a significant amount of margin pledges and repledges continue to be processed seamlessly since September 1. The new margin pledge process has now been fairly stabilised, according to them.
Sharma said that Nifty50 is expected to trade in the 11,400-11,500 range for the next few days.
“Expect further weakness below the 11,300 level. Above 11,400 levels, Nifty can go to the level of 11,600,” he added.
The top gainers on the BSE were Hindustan Unilever, TCS and ITC, while the major losers were Mahindra & Mahindra, Bajaj Finance and NTPC.