New Delhi: Markets erased most of its gains to end the volatile session on the flat note as profit booking emerged on Monday.

Investors were cautious ahead of Futures & Options expiry on 30 July 2009 and RBI’s quarterly monetary policy review tomorrow.

The Bombay Stock Exchange benchmark Sensex opened on flat note today and turned volatile further mainly on account of unsatisfactory results of Reliance Industries for April-June quarter.

Markets remained mostly unstable. In the sectoral front, FMCG, realty, power, metal and consumer durable stocks contributed to most of the buying.

The 30-share Sensex closed slightly lower by 3.92 points at 15,375.04 whereas the 50-share NSE Nifty ended marginally up by 3.75 points or at 4,572.30.

Reliance Industries closed lower by 3.03%. The company reported a disappointing results in the first quarter ended 30 June. Reliance Industries reported 11.5% decline in its net profit at Rs3,636 crore for the first quarter from Rs4,110 crore in the corresponding period last year.

Gainers from the BSE pack were Hindustan Unilever Ltd up by 5.90%, Tata Power by 5.48%, DLF Ltd by 4.69%, Tata Steel by 3.97%, ITC Ltd by 3.07% and Bhel by 2.61%.

Among losers there were Reliance down by 3.73%, Hero Honda Motors by 3.02%, ONGC Ltd by 2.80%, HDFC by 1.92%, Mahindra & Mahindra Ltd by 1.77% and ICICI Bank by 1.21%.

On the global markets front, the Asian markets ended higher.