Nifty hit a fresh high of 17,438.55 points. Around 10.20 a.m., it was trading at 17,422.10, higher by 66.80 points or 0.38 per cent from its previous close of 17,369.25 points.
The BSE Sensex was trading at 58,417.05, higher by 239.29 points or 0.41 per cent from its previous close of 58,177.76. It opened at 58,482.62 and has touched an intra-day high of 58,482.62 and a low of 58,310.27 points.
The top gainers on the Sensex were HCL Technologies, Axis Bank and ITC, while the major losers so far were Bharti Airtel, Hindustan Unilever and UltraTech Cement.
Monday's market review
Bearish global cues, along with upcoming retail inflation data, subdued India's key stock indices on Monday. Domestic indices -- S&P BSE Sensex and NSE Nifty50 -- in line with their global peers opened on negative note but recovered from lows only to close Monday's trade in the red.
Sector wise, metals, utilities and realty indices gained the most while energy, consumer durables and bank indices fell the most.
At the end of the day's trade, Sensex settled at 58,177.76, lower by 127.31 points, or 0.22 per cent, from its previous close. Similarly, Nifty closed a bit lower. It closed at 17,355.30 points, lower by 13.95 points, or 0.080 per cent, from its previous close.
"Nifty continues to close in a narrow band of 17,353-17,378 over the past 5 sessions," HDFC Securities' Head of Retail Research, Deepak Jasani, said.
"This reflects lack of enthusiasm on the part of sellers to sell aggressively while buyers keep nibbling at individual stocks. Advance decline ratio continues to be positive. 17,254-17,437 is the band for the near term for the Nifty."
Weak global cues
Motilal Oswal Financial Services' Head, Retail Research, Siddhartha Khemka said: "Global cues were weak initially amid ongoing regulatory clampdowns in China and Japan's wholesale inflation reaching a 13-year high. However, the US Futures opened positive as Covid cases start their journey downwards."
"But investors are cautious ahead of US inflation data and Chinese Industrial Production to be released tomorrow and the sentiments continue to muted with the Federal Reserve in focus."
Geojit Financial Services' Head Of Research Vinod Nair said: "Indian indices extended its early losses in a volatile session, ahead of the release of domestic inflation data. Despite hopeful signs, the global markets failed to inspire Asian markets."
"The European Central Bank in its policy meeting last week raised its growth and inflation projections for the year owing to quicker economic recovery thereby moderately reducing the pace of its pandemic-era bond-buying programme."