The Indian market made a muted start opening flat with negative bias on Monday after a long weekend amid weak global markets, with Nifty opening around 17,360 and Sensex above 58,200 – near record-high levels.

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The BSE Sensex slipped marginally almost 43 points or 0.07 per cent to 58262, while Nifty50 with minor cuts opened 5.8 points or 0.03 per cent to 17363.5 levels on Monday. While in the broader markets, Mid-cap Index too opened flat but in the green, up 8 points or 0.03 per cent to 29349.

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While dragging the Nifty Index most, Nifty Bank started Monday’s session on negative note, tumbling by around 75 points or 0.2 per cent to 36608.4 levels, led by ICICI Bank.               

Of 50 scrips on Nifty50, 26 advanced, 24 declined minutes after the market open today. Hindalco become the most gainer stock at the market open on Monday, up by 2.7 per cent, followed by Bharti Airtel up almost 1 per cent. While Grasim, JSW Steel an Coal India each by over 0.5 per cent at open. 

On the contrary, HCL Tech, Reliance Industries and ICICI Bank each declined by over 1 per cent to become top laggards in the early morning trade, followed by Nestle India and Eicher Motors each down almost 1 per cent. Tech Mahindra, Tata Motors, SBI Life and Bajaj Finance are the other losers. 

Almost all sectoral indices opened in the red on Monday, except for Nifty Metal and Auto; the former surged more around 0.67 per cent, while the latter opened flat. On the other hand, IT index along with banking and financial stocks dragged the market most minutes after open. 

Globally, the US markets on Friday see the biggest losing streak since May as Dow Jones falls for 5th day running. While Asian markets on Monday opened muted with investors ignoring the US sell-off and the long-range missile tested by North Korea.

Another important trigger to domestic markets, Foreign Institutional Investors (FIIs) on Thursday bought shares worth Rs 423.44 crore in cash and Rs 704.21 crore in index futures. 

The Nifty closed almost flat on Thursday in the last hour, short-covering saw Nifty closed marginally in the green as PSU stocks led by ONGC and NTPC led the gainers.