Sensex, Nifty erase early gains to settle flat in volatile trade as crude oil rebounds

The 30-share BSE Sensex closed marginally up 26.76 points or 0.03% at 78,520.30. During the day, it hit a high of 78,942.45 and a low of 78,203.30, gyrating 739.15 points.

Mumbai: Benchmark indices Sensex and Nifty closed almost unchanged in a volatile session on Monday as investors turned cautious amid mounting geopolitical headwinds and rising crude oil prices.

The 30-share BSE Sensex closed marginally up 26.76 points or 0.03 per cent at 78,520.30. During the day, it hit a high of 78,942.45 and a low of 78,203.30, gyrating 739.15 points.

The 50-share NSE Nifty edged up 11.30 points or 0.05 per cent to settle at 24,364.85.

Among the 30-Sensex firms, Trent, State Bank of India, Asian Paints, NTPC, Bajaj Finance and InterGlobe Aviation were the major winners.

Larsen & Toubro, Bharat Electronics, HCL Tech and Kotak Mahindra Bank were among the laggards.

Brent crude, the global oil benchmark, jumped 4.76 per cent to $94.68 per barrel.

"Renewed disputes over the reopening of the Strait of Hormuz injected volatility into global markets. Investors interpreted the recent disruptions in the Middle East as potential negotiation tactics rather than the onset of a full-scale conflict,” Vinod Nair, Head of Research, Geojit Investments Ltd.

With the ceasefire set to expire this week, market participants remain cautious, awaiting further developments, he added.

In Asian markets, South Korea's benchmark Kospi, Japan's Nikkei 225 index, Shanghai's SSE Composite index and Hong Kong's Hang Seng index ended higher.

Markets in Europe were trading lower. US markets ended significantly higher on Friday.

Foreign Institutional Investors (FIIs) bought equities worth Rs 683.20 crore on Friday, according to exchange data.

On Friday, the Sensex jumped 504.86 points or 0.65 per cent to settle at 78,493.54. The Nifty climbed 156.80 points or 0.65 per cent to end at 24,353.55.