Nifty Ends Near 21,600, Sensex Close To 71,000 As Most Sectors Decline: Market Wrap
HDFC Bank, ICICI Bank, ITC, State Bank of India and Reliance Industries dragged the Nifty.
Benchmark equity indices ended lower on Monday, weighed by losses in index heavyweights HDFC Bank Ltd., ICICI Bank Ltd., State Bank of India, ITC Ltd., and Reliance Industries Ltd.
The NSE Nifty 50 closed 166.45 points or 0.76%, lower at 21,616.05 and the S&P BSE Sensex fell 523 points or 0.73%, to end at 71,072.49.
The Nifty hit an intraday low of 21,574.75 and the Sensex touched a low of 70,922.57 on Monday.
The indices opened on a cautious note and moved into the red, led by selling in heavyweight banks, metals and mining companies, according to Avdhut Bagkar, technical and derivatives analyst at StoxBox. "The 50 index continued to trend with a negative bias as it marked the third consecutive lower low."
Shares of HDFC Bank Ltd., ICICI Bank Ltd., ITC Ltd., State Bank of India and Reliance Industries Ltd. dragged the Nifty.
Infosys Ltd., HCL Technologies Ltd., Dr. Reddy's Laboratories Ltd., Apollo Hospitals Enterprise Ltd. and Wipro Ltd. capped the downside.
All sectoral indices, with the exception of Nifty IT and Pharma, declined, with Media and PSU Bank falling more than 4%.
Eighteen out of the 20 sectors on the BSE settled lower, with telecommunications declining the most.
The broader markets ended sharply lower as the BSE midcap settled 2.62% lower and the smallcap settled 3.16% down.
The market breadth was skewed in favour of the sellers as 2,993 stocks declined, 998 stocks advanced and 88 remained unchanged on the BSE.
