Nifty, Sensex Trade Lower As Bank, FMCG Stocks Drag: Midday Market Update

India's benchmark indices extended losses through midday on Monday amid volatility as stocks of fast-moving consumer goods and financial services exerted pressure on the indices.

As of 12:30 p.m., the NSE Nifty 50 fell 123 points or 0.57% to 21,587.40, while the S&P BSE Sensex declined 408 points or 0.57% to 71,618.32. The Nifty hit intraday low of 21,552.75 and the Sensex fell to a low of 71,521.16.

Most bank stocks declined on the NSE, with the HDFC Bank Ltd., State Bank of India and Bank of Baroda declining the most. Only AU Small Finance Bank was up 0.05% on the NSE.

"The market outlook is poised to be significantly shaped by the impending quarterly earnings reports from major IT companies," Shrey Jain, chief executive officer of SAS Online, said.

The support for the Nifty is expected to materialise within the range of 21,600 to 21,650, with a robust buy zone projected at 21,500–21,550, Jain said.