India's benchmark indices traded flat Monday despite positive global cues. The Sensex traded 25 points or 0.14% higher at 17.773 while the broader Nifty index was down 2 points to 5,379 at 0930 hours.
Asian markets rose after lawmakers in Greece approved new austerity measures, necessary to get more bailout money. Markets in Hong Kong, Japan and South Korea traded 0.5-1% higher.
Analysts said some consolidation was required because Indian markets have moved too fast, too soon.
"Some fatigue has started coming in. The IIP numbers were disappointing. January inflation data will come this week. Some big companies will report numbers, SBI, Tata Motors and there will be stock specific action... However it is unlikely that the markets will break 5,320," Avinnash Gorakssakar, Founder Director of Moneyinvestments.in told NDTV Profit today.
The Bombay Stock Exchange realty index traded with over 2% losses. Banking stocks (-0.7%) also saw selling pressure in early trade. Most other sectoral indices traded flat to positive.
On the Nifty, Sun Pharma (2.4%) was the biggest gainer. Its subsidiary, Taro Pharma, has reported strong numbers in the fourth quarter. Coal India (1.8%) rose ahead of the reporting Q3 numbers later today.
DLF (-4%) was the top loser on the Nifty index on account of weak Q3 numbers. RCom (-3.4%) also declined on weak Q3 numbers. State Bank of India (-2.4%), India's biggest lender, was down ahead of Q3 numbers. The bank has been struggling with its asset quality over the last few quarters.
The market breadth was weak and only 43% stocks advanced on the broader BSE 500 index.