Benchmark equity indices started the week on a negative note as investors assessed more quarterly results. Kotak Mahindra Bank and Infosys weighed on the key indices but gains in heavyweights HDFC Bank and Reliance minimised the fall.
Nifty ended 0.29% or 72.95 points down at 24,781.10 and Sensex lost 0.09% or 73.48 points to close at 81,151.27. Intraday, the Nifty rose as much as 0.50% and Sensex gained as much as 0.7%.
"Bullish divergence did not last for long as the Index formed a Dark Cloud Cover candlestick pattern on the daily chart indicating an upper hand of the Bears," said Aditya Gaggar, director of Progressive Shares. "The range is shifted lower to 24,570-25,000 and a breakout on either side will open doors for another 250-300 points move."
Shares of Kotak Mahindra Bank Ltd., Infosys Ltd., Tata Consultancy Services Ltd., Tata Consumer Products Ltd., and ICICI Bank Ltd. dragged the Nifty.
While those of HDFC Bank Ltd., Reliance Industries Ltd., Bajaj Auto Ltd., Mahindra & Mahindra Ltd., and Asian Paints Ltd. minimised the fall.
Except Nifty Auto, all sectoral indices were in the red at close.
Market breadth was skewed in favour of sellers. Around 2,900 stocks declined, 1,133 stocks advanced, and 142 stocks remained unchanged on BSE.
Broader markets underperformed benchmark indices. The BSE Midcap and Smallcap indices ended 1.63% and 1.51% lower, respectively.
On the BSE, 18 sectors ended lower, and one higher. The BSE Services declined the most, while the BSE Auto was the only sector that finished the session with gains.
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