Market falls in Monday opening trade but recovers in the first hour

• Infosys, HCL Technologies, Tech Mahindra, HDFC Bank, Wipro are among the laggards.
• Mahindra & Mahindra, Titan, NTPC and Asian Paints are among the gainers.
• In Asia, Japan and China are in the green while South Korea and Hong Kong are in the red.

Equity benchmark indices, the Nifty and Sensex, declined in early trade on Monday after a record-breaking rally last week, in line with weak trends in global markets and caution ahead of the US Federal Reserve's interest rate decision. However, after the first hour, both the indices made a comeback and curbed their losses.

After an 11-day rally, the 30-share BSE Sensex fell 286.6 points to 67,552.03. The Nifty declined 70.7 points to 20,121.65. At the time of publishing the Nifty is 18 points from its previous close on Friday while the Sensex is down approximately a 100 points.

Among the Sensex firms, Infosys, HCL Technologies, Tech Mahindra, HDFC Bank, Wipro and Reliance Industries were the major laggards.

Mahindra & Mahindra, Titan, NTPC and Asian Paints were among the gainers.

In Asian markets, Seoul and Hong Kong traded lower, while Shanghai and Japan quoted in the green.

The US markets ended in negative territory on Friday.

"Nervousness may come into play ahead of the next Fed meeting which is scheduled to conclude this Wednesday," Shrikant Chouhan, Head of Research (Retail) at Kotak Securities Ltd, said.

Global oil benchmark Brent crude climbed 0.42% to USD 94.30 a barrel.

Foreign Institutional Investors (FIIs) were buyers on Friday as they bought equities worth Rs 164.42 crore, according to exchange data.

Rallying for the 11th day running on Friday, the BSE benchmark had jumped 319.63 points or 0.47% to settle at a record closing of 67,838.63. During the day, it rallied 408.23 points or 0.60% to hit its fresh all-time intra-day high of 67,927.23.

The Nifty went up by 89.25 points or 0.44% to end at its all-time closing high of 20,192.35. During the day, it advanced 119.35 points or 0.59% to hit its lifetime intra-day peak of 20,222.45.

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(With text input from PTI)