Nifty, Sensex Record Worst Session In Over A Month, Reliance Industries Falls 4%: Market Wrap

India's benchmark stock indices, NSE Nifty 50 and BSE Sensex, closed at their lowest levels in over a month on Monday, led by declines in Reliance Industries Ltd. and HDFC Bank Ltd.

The Nifty 50 settled 309.00 points, or 1.27%, lower at 23,995.35, and the Sensex fell 941.88 points, or 1.18%, to end at 78,782.24. The Nifty fell as much as 2.01% during the day to 23,816.15—a first since Aug. 6. The Sensex declined 1.87% during the day to 78,232—its first since Aug. 14.

The NSE India Volatility Index jumped 10.67% to 17.60, the highest level since Aug. 7. The index pared gains to end 4.94% higher at 16.69.

The top dragger, Reliance Industries, fell 4% to its lowest in over nine months of Rs 1,285.10 apiece after its bonus shares started trading on the exchanges.

"With a bearish open Marubozu candlestick pattern, bears showed their presence and the overall technical structure is weak with a series of lower highs and lower lows," said Aditya Gaggar, director at Progressive Shares. "Today's low will be considered as a critical support point and in case of a breakdown, there is a high probability of testing 200DMA support which is at 23,460 while on the flip side, the zone of 24,100-24,180 will serve as a strong hurdle (for the Nifty)."

Reliance Industries Ltd., HDFC Bank Ltd., ICICI Bank Ltd., Axis Bank Ltd., and Bharti Airtel Ltd. weighed on the Nifty 50.

Mahindra & Mahindra Ltd., State Bank of India, Infosys Ltd., Tech Mahindra Ltd., and Cipla Ltd. limited losses to the index.

On NSE, all 12 sectors ended lower, with the NSE Nifty Realty declining the most.

The broader indices also fell, with the BSE Midcap and Smallcap ending 1.3% and 1.7% lower, respectively, on Monday.

All 21 sectoral indices on the BSE fell with BSE Realty losing the most.

Market breadth was skewed in favour of sellers. As many as 2,705 stocks fell, 1,357 rose, and 137 remained unchanged on the BSE.