A morning walk down Dalal Street | Upward momentum should strengthen further if Nifty closes above 11,150

Frontline index Sensex closed 52 points higher on Monday, well off its intra-day highs, as losses in index heavyweights like ITC, HDFC Bank and SBI kept bulls in check.

At one point during the day, the index was quoting 369 points over its previous close.

The market failed to hold altitude as concerns over weakening economy persist. Moreover, delay in a formal announcement by the government about fiscal stimulus is also making investors nervous.

Among the broader indices, BSE Midcap and Smallcap indices outperformed benchmark Sensex, rising 0.2 percent and 0.5 percent, respectively.

The Indian rupee weakened by 28 paise to close at 71.43 per dollar.

On the institutional front, FPI were net sellers in Indian markets for Rs 306 crore while DIIs were net buyers to the tune of Rs 386 crore, provisional data showed.