Mumbai: Profit booking along with low volumes subdued the key indices of the Indian equity market during the noon session on Monday -- the first trading day -- of 2018.
According to market analysts, selling pressure was witnessed in banking and IT stocks. At 12.00 p.m., the 30-scrip S&P BSE Sensex, which had closed at 34,056.83 points on Friday, traded flat at 34,058.56 points.
At the National Stock Exchange (NSE), the broader Nifty50 quoted at 10,526.20 points, down by 4.50 points or 0.04 per cent. "Auto stocks are in focus as firms start disclosing their monthly sales numbers for December 2017. IT stocks fell after the rupee strengthened," Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.
On Friday -- the previous trade session --, the key equity indices closed in the positive territory as global cues, along with a strong rupee gave a boost to investors' sentiments.
The Sensex closed trade at 34,056.83 points -- up 208.80 points or 0.62 per cent, while, the wider Nifty50 rose by 52.80 points or 0.50 per cent to close at 10,530.70 points.