Sensex closes flat amid selling pressure on higher levels

Mumbai, July 29: India's equity indices closed flat on Monday amid selling pressure on higher levels.

In morning trade, Sensex and Nifty touched new all-time highs at 81,908 and 24,999, respectively.

But at close, Sensex was up 23 points at 81,335, while Nifty was up 1.25 points at 24,836.

Buying was seen in the smallcap and midcap stocks with the Nifty Midcap 100 index up 593 points or 1.03 per cent at 58,362, and the Nifty Smallcap 100 index up 189 points or 1 per cent, at 19,043.

Among the sectoral indices, auto, PSU bank, pharma, metal, realty, and energy and infra were the major gainers. However, IT, finserve, and FMCG were the top laggards.

In the Sensex pack, L&T, Bajaj Finserv, M&M, Ultratech Cement, SBI, Reliance, IndusInd Bank, Sun Pharma, Maruti Suzuki, and Bajaj Finance were the top gainers, while Titan, Bharti Airtel, ITC, Tech Mahindra, and Kotak Mahindra Bank were the top losers.

According to market experts, an ease in the US personal consumption expenditure to 2.5 per cent and the subsequent drop in the US 10-year yield fuelled optimism that the Fed might cut rates in September, leading to a global rally.

However, profit-booking was triggered in the domestic market given trading in the overbought territory.

The rupee traded sideways near 83.73, with the dollar remaining positive above $104.20.