Mumbai: Indian equity benchmarks closed flat amid a lacklustre trade on Monday as the market is looking for a fresh trigger to extend rally. Benchmarks had surged over 2 per cent on Friday after European leaders agreed (at its EU summit in Brussels) to support the region's banks and government put the GAAR draft guidelines.
The 30-share BSE Sensex fell 31 points to close at 17,398.98. Meanwhile the 50-share NSE benchmark touched an intraday high of 5,302.5, before closing flat at 5,278.60 (down 0.3 points).
A rally of more than 1 per cent in European markets helped the Nifty to touch 5,300 level during the day, but France's CAC and Germany's DAX came off day's high, rising 0.9 per cent each at 15:31 hours IST. Britain's FTSE went up 0.5 per cent amid optimism over Europe's move to solve debt crisis, but weak manufacturing data globally capped the market's upside.
Back home, cigarette major ITC tanked 3.4 per cent (intraday falling more than 4 per cent) after Uttar Pradesh government hiked value added tax on cigarettes to 50 per cent. HUL slipped 1.6 per cent.
Jindal Steel & Power tumbled 2.5 per cent after the Odisha government has ordered stoppage of operations at Keonjhar mines. Mining lease for Keonjhar mines is with Sarda Mines, which supplies ore to JSPL.
Country's largest commercial vehicle maker Tata Motors declined 1.5 per cent after disappointing sales numbers for June. Two-wheeler major Hero Motocorp fell 1.3 per cent ahead of auto sales numbers. However, top car maker Maruti Suzuki and utility vehicle major M&M gained 1 per cent each after good sales numbers.
Country's largest lender State Bank of India and its rival HDFC Bank rallied 1-2 per cent whereas ICICI Bank was down 0.6 per cent. Housing finance company HDFC rose 1 per cent.
Top software services exporter TCS lost 1.4 per cent while telecom operator Bharti Airtel moved up 1.6 per cent.
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