The market kicked off the week on a flat note as investors rolled over

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their futures and options positions to the September series. The BSE Sensex gained 7.53 points, or less than one per cent, to close at 18,409.35. Nifty gained 12.85 points, or 0.23 per cent to close at 5,543.50.

Kishor P Ostwal, chairman and managing director at CNI Research, said, “Whenever, there are healthy rollovers in the week of F&O expiry, the market remains flat. At present market sentiments are positive and Nifty could reach 5,600 level by next week. Investors are not very keen to cover their positions. Instead they are rolling over positions to the September series.”

Major PSU oil marketing companies — IndianOil, Bharat Petroleum and Hindustan Petroleum — gained 3.08 per cent, 11 per cent and 5.38 per cent, respectively.

Sudip Bandyopadhyay, managing director and chief executive officer of Convexity Solution, said, “High possibility of decontrol in diesel price and chances of a hike in petroleum price on August 27 boosted sentiments on oil marketing counters.”

Alex Mathews, head of research at Geojit BNP Paribas Financial Services, said, “Oil marketing companies gained as they have received a combined Rs 14,000 crore worth of subsidy payout from the government for the subsidised fuel they sold in the June quarter.”

The BSE 200 index added 0.35 per cent to close at 2,366.10. More stocks advanced than the number of declines. “Stock-specific trading kept the market volatile on Monday,” Bandyopadhyay said.

However, “The market is likely to be choppy in view of the expiry of derivative contracts due this week,” said Avinash Gupta, assistant vice-president at Bonanza Portfolio.

Tata Global Beverages, formerly known as Tata Tea, jumped Rs 5.55 or 5 per cent to close at Rs 116.85. The stock gained on a restructuring plan of the company in the core tea market in this financial year. The company is also planning to expand across beverage categories in India.

Larsen and Toubro gained 0.21 per cent after the company got an order of Rs 1,195 crore. According to the announcement of BSE, L&T has bagged two projects to enhance natural gas processing at Hazira and Uran from ONGC.

IndianOil added Rs 12.10 to end at Rs 404.35, Bharat Petroleum surged Rs 76.75 to Rs 774.60 and Hindustan Petroleum gained Rs 27.40 to Rs 536.70. In stock futures, BPCL and Hindustan Petroleum remained on top with traded values of Rs 1,125.86 crore and 1,018.59 crore.

Mahindra and Mahindra gained Rs 6.30 or, 1.02 per cent, to Rs 624.05. The stock advanced as the company signed an MoU with Ssangyong Motor to acquire a majority stake in the South Korean SUV maker.