Stock markets settle flat in highly volatile trade; oil & gas, FMCG shares major drag

Benchmark indices Sensex and Nifty edged lower on Tuesday, extending the losing run to the third day amid profit-taking in oil & gas and select FMCG shares.

The BSE Sensex dipped 33.49 points or 0.04 percent to settle at 84,266.29. During the day, it hit a high of 84,648.40 and a low of 84,098.94.

The NSE Nifty closed marginally lower by 13.95 points or 0.05 percent to 25,796.90.

Muted trends in global markets and heavy foreign fund outflows weighed on investor sentiment, analysts said.

From the 30 Sensex firms, IndusInd Bank, Asian Paints, Hindustan Unilever, Tata Motors, Tata Steel, Titan, Reliance Industries and NTPC were among the major laggards.

Tech Mahindra, Mahindra & Mahindra, Kotak Mahindra Bank, Infosys, HCL Technologies and State Bank of India were among the major gainers.

In Asian markets, Tokyo settled higher. South Korea, Hong Kong and mainland Chinese markets are closed for a public holiday on Tuesday. Markets in mainland China will be closed for the rest of the week due to the holiday.

European markets were trading on a mixed note. The US markets ended in positive territory on Monday.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹9,791.93 crore on Monday, while Domestic Institutional Investors (DIIs) bought equities worth ₹6,645.80 crore, according to exchange data.

India's manufacturing sector growth fell to an eight-month low in September amid softer increase in factory production, sales and new export orders, a monthly survey said on Tuesday.

The seasonally adjusted HSBC India Manufacturing Purchasing Managers' Index (PMI) fell from 57.5 in August to 56.5 in September, registering the weakest pace of growth since January.

In PMI parlance, a print above 50 means expansion, while a score below 50 denotes contraction.

Global oil benchmark Brent crude declined 1.66 percent to $70.51 per barrel.

The BSE benchmark tumbled 1,272.07 points or 1.49 percent to settle at 84,299.78 on Monday. During the day, it plunged 1,314.71 points or 1.53 percent to 84,257.14. The Nifty tanked 368.10 points or 1.41 percent to 25,810.85.