Shares of Fortescue Metals Group were among the biggest gainers on the benchmark, ending nearly 7% higher, after the mining heavyweight reported its highest-ever annual profit and dividend.

The blue-chip CSI300 index fell 0.3% to 4,813.27, while the Shanghai Composite Index edged up 0.2% to 3528.15.

The Europe-wide STOXX 600 traded flat but was on course to end August with a more than 2% rise - its seventh straight month of gains in what would be its longest such winning run in over eight years.

"The question is whether earnings numbers can surprise on the upside. It does not look likely. We are already building a 31% net profit growth of Nifty 50 on some of the stocks we bought earlier. This market could just remain range bound and as we roll forward over the next year and start discounting forward earning numbers, the market will probably go up. As of now, short-term increases in earnings numbers have rolled out but as you roll forward, in the future, higher earnings numbers could probably drive the markets. "

A total of 99,819 shares changed hands on the counter till 02:11PM (IST).

The brokerage firm said that Zomato’s robust growth compared to peers, a consolidated market structure and steady-state margins that match global peers are the main drivers behind the stock’s premium valuations.

On the National Commodity and Derivatives Exchange, coriander for September delivery went up Rs 56, or 0.69 per cent, to Rs 8,198 per quintal with an open interest of 6,130 lots.

Shares of Orient Paper & Industries zoomed 9 per cent to Rs 30.05, whereas Shree Rama Newsprint advanced 7 per cent to Rs 20.30 on Monday. JK paper jumped 4 per cent to Rs 249.75.

A total of 648 shares changed hands on the counter till 01:13PM (IST)

After consolidating for nearly two months in a narrow range, the index was able to break the shackles and move above the 16,000 mark earlier this month. However, these gains haven’t brought joy to all market participants, as the broader market lagged with Nifty Smallcap 100 and Nifty Midcap 100 indices slipping close to 2 per cent and 5 per cent, respectively.