Market closing Updates: Benchmark indices recovered most of their losses to close Monday near the flat line after remaining sluggish for the majority of the day. However, the indexes concluded with a negative bias, ending their three-day winning streak.

The BSE Sensex finished the day at 54,395, down 87 points or 0.16% from its intraday low of 54,090.5. The Nifty50 closed at 16,216 on the NSE, down 5 points, or 0.03 %. 16,115.5 was the intraday low for the index.

The top Nifty50 gainers were Eicher Motors, ONGC, Dr Reddy's Labs, Tata Steel, M&M, Coal India, and Adani Ports.   On the flipside, selling in Bharti Airtel (down 5 %), TCS (down 4.7%), HCL Tech, Infosys, BPCL, and Tech M capped the gains. These shares fell between 2 % and 5%.

The BSE SmallCap index, which increased by more than 1% on the BSE, significantly outpaced the frontline indices in the meantime. Contrarily, its MidCap equivalent had a 0.6% increase.

All other indices registered advances across industries, with the exception of the Nifty IT index, which closed 3% lower. The Centre is reportedly looking to remove the 10% shareholding cap for people in public sector banks (PSBs), which would allow private equity firms to purchase holdings in PSBs up for privatisation. The Nifty PSU Bank index was the top gainer, up 2%.

In spite of a generally poor market, Adani Group shares rose up to 12% on the BSE on Monday due to the group's entry into the telecom industry.

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