Nifty, Sensex Snap Two-Day Rally To Close Lower As Banks, IT, FMCG Stocks Drag: Market Wrap
The Nifty ended 197.80 points, or 0.91%, lower at 21,513.00 points, while Sensex fell 670.93 points, or 0.93%, to close at 71,355.22
India's benchmark indices snapped their two-session rally to end lower on Monday, led by losses in financial services, FMCG and IT stocks.
The Nifty ended 197.80 points, or 0.91%, lower at 21,513.00 points, while Sensex fell 670.93 points, or 0.93%, to close at 71,355.22. Nifty hit an intraday low of 21,492.90, and the Sensex fell to 71,301.04.
"The current market texture is volatile; hence, level-based trading would be the ideal strategy for short-term traders," said Shrikant Chouhan, head of equity research at Kotak Securities.
"Technically, the index has formed a bearish candle on daily charts, and it has also formed a lower top formation on intraday charts, which supports further weakness from the current levels," he said.
Shares of HDFC Bank Ltd., ICICI Bank Ltd., ITC Ltd., Reliance Industries Ltd., and Tata Consultancy Services Ltd., weighed on the Nifty 50.
Meanwhile, those of HCL Technologies, Adani Ports and Speacial Economic Zone Ltd., NTPC Ltd., Bajaj Finance Ltd., and Bharti Airtel Ltd., capped the downside.
All sectoral indices with the exception of Nifty Realty and Nifty Media ended lower on Monday. Nifty PSU Bank fell the most by over 2.5%.
The broader markets outperformed benchmark indices, with the S&P BSE Smallcap closing 0.36% lower and the S&P BSE MidCap ending 0.87% lower on Monday.
On BSE, 18 out of 20 sectors declined, while two advanced. S&P BSE FMCG declined 1.55% and was the top loser among sectoral indices. The S&P BSE Realty was the top gainer among sectoral indices.
The market breadth was skewed in favour of the sellers. About 2,044 stocks declined, 1,927 advanced, and 103 remained unchanged on the BSE.
