Sensex, Nifty Log Worst Session In Over A Week As Bank Stocks Weigh: Market Wrap

The benchmark equity indices ended lower for the second consecutive day to log their worst session since Aug. 5 as shares of banks weighed on them. The NSE Nifty 50 closed 208 points or 0.85%, down at 24,139.0 and the S&P BSE Sensex ended 692.89 points or 0.87%, lower at 78,956.03.

During the day, both the Nifty and the Sensex fell as much as 0.95% to 24,116.50 and 78,889.38, respectively.

"With a big red candle, the index (Nifty) is comfortably back in the range of 23,960–24,400," Aditya Gaggar, director of Progressive Share Brokers, said. "We advise to wait until the index provides a clear picture by violating either range."

Shares of HDFC Bank Ltd., State Bank of India, Bajaj Finance Ltd., Kotak Mahindra Bank Ltd. and Tata Motors Ltd. dragged the Nifty the most.

Titan Co., Reliance Industries Ltd., Apollo Hospitals Enterprise Ltd., HCL Technologies Ltd. and Dr. Reddy's Laboratories Ltd. minimised the losses.

All sectoral indices on the NSE ended lower, except Nifty IT, which ended flat.

The broader markets underperformed the benchmark indices as the BSE MidCap and the SmallCap settled 0.94% and 1.14% lower, respectively.

On the BSE, 19 out of 20 sectoral indices ended lower and one advanced. Commodities declined the most, while consumer durables emerged as the best-performing sector.

The market breadth was skewed in favour of the sellers as 2,657 stocks declined, 1,282 rose and 87 remained unchanged on the BSE.

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