The domestic equity benchmarks pared all losses and traded near the flat line, with minor gains in afternoon trade. The Nifty traded below the 15,850 mark. 

At 13:23 IST, the barometer index, S&P BSE Sensex was up 173.52 points or 0.33% to 52,967.14. The Nifty 50 index rose 57.85 points or 0.37% to 15,840. 

Apollo Hospitals up 3.65%, SBI up 2.65%, UPL up 2.30%, NTPC up 2.22% and Bajaj Auto up 2.01% were the top Nifty gainers. 

Asian Paints down 1.86%, Grasim down 1.74%, ITC down 1.47%, Infosys down 1.30% and Dr Reddy's Lab down 1.29% were the top Nifty losers. 

In the broader market, the S&P BSE Mid-Cap index gained 1.08% while the S&P BSE Small-Cap index added 0.51%. 

The market breadth remained strong. On the BSE, 1,995 shares rose while 1,301 shares fell. A total of 179 shares were unchanged. 

European stocks declined across the board while Asian markets traded mixed on Monday as global markets struggled to gain positive momentum and recover from last week's volatility. 

Markets in Singapore, Malaysia, Indonesia, and Thailand are closed for a holiday on Monday. 

China's April retail sales plunged 11.1% on the year, while industrial output fell 2.9%, pointing to the deep damage COVID lockdowns were doing to the world's second-largest economy. 

Investors are also keeping a close eye on geopolitical developments as Finland and Sweden moved closer to applying for membership in NATO, ending years of neutrality as Russia's invasion of Ukraine forced the two Nordic nations to reassess their positions. 

The entry of Sweden and Finland would significantly extend the alliance's border with Russia, a move that will annoy Moscow which has consistently warned the pair of potential consequences. 

The European Union publishes its economic forecasts later in the session, and the market will be looking to see the impact of the Ukraine war and soaring inflation on growth expectations. 

US stock market witnessed a relief rally on Friday. The Dow rose 466.36 points, or 1.47%, while the S&P 500 climbed 2.39%. The Nasdaq Composite jumped 3.82% and posted its strongest one-day gain since November 2020. Still, all three averages posted losing weeks. 

Ambuja Cements rose 3.11% while ACC advanced 4.01%. Adani Group will acquire Holcim's full stakes in Ambuja Cement and ACC. Holcim holds 63.11% stake in Ambuja Cement, which owns a 50.05% interest in ACC, as well as its 4.48% direct stake in ACC. 

The corresponding offer share prices of Rs 385 for Ambuja Cement and Rs 2,300 for ACC translate into cash proceeds of 6.4 billion Swiss Franc (CHF) for Holcim. 

Following the announcement, Shree Cement down 2.74% and Ultratech Cement down 2.51% declined. 

Avenue Supermarts (DMart) surged 7.85%. The company reported standalone net profit stood at Rs 466 crore for Q4FY22, as against Rs 435 crore in the corresponding quarter of last year. Total revenue for the quarter ended 31 March 2022 stood at Rs 8,606 crore, as against Rs 7,303 crore in the same period last year. 

Maruti Suzuki India rose 2.36%. The car major finalised land site for new manufacturing plant in Haryana. The first plant with a manufacturing capacity of 250,000 vehicles per annum is expected to be commissioned within the year 2025 subject to administrative approvals. In the first phase, the investment would be over Rs 11,000 crore. 

Tech Mahindra fell 1.38%. The IT major's consolidated net profit rose 10% to Rs 1,505.70 crore and net sales rose 5.8% to Rs 12,116.30 crore in Q4 FY22 over Q3 FY22. 

Eicher Motors zoomed 6%. The company reported 16% jump in consolidated net profit to Rs 610.14 crore on a 8.6% increase in total revenue from operations to Rs 3,193.32 crore in Q4 FY22 over Q4 FY21.