Sensex, Nifty Erase Nearly Half Of Friday's Rally As Metal, Tech Shares Tumble: Market Wrap

The benchmark equity indices ended lower on Monday, weighed down by information technology and metal stocks, as well as losses across the Asia–Pacific after mixed data from China.

The NSE Nifty 50 closed 100.05 points or 0.4% lower at 24,668.25 and the BSE Sensex ended 384.55 points or 0.47% down at 81,748.57. During the session, the Nifty fell as much as 0.67% to 24,601.75 and the Sensex declined 0.71% to 81,551.28.

The India NSE Volatility index jumped 11.13% to 14.51, the highest level since Dec. 13. It settled 7.41% higher at 14.02.

"Indian equities commenced the week on a subdued note and correction in the select heavyweights dragged the index lower," Aditya Gaggar, director of Progressive Share Brokers, said. "However, some recovery was observed from the lower levels."

The IT sector witnessed a round of profit booking after a stellar rally, Gaggar said. "The trading range of the Index is widened to 300 points i.e. 24,500–24,800 and for a directional trend breakout on either side is necessary."

Infosys Ltd., HDFC Bank Ltd., Tata Consultancy Services Ltd., Bharti Airtel Ltd. and Titan Co. dragged the Nifty the most.

Dr. Reddy's Laboratories Ltd., Axis Bank Ltd., IndusInd Bank Ltd., Bajaj Finance Ltd. and Power Grid Corp limited losses to the index the most.

On the NSE, five sectors advanced, six declined and one remained flat out of 12. The Nifty Metal declined the most, while Realty rose the most.

The broader indices outperformed as the BSE MidCap ended 0.7% higher and SmallCap rose 0.5%.

Thirteen out of the 21 sectoral indices on the BSE ended lower and eight rose, with Realty rising the most.

The market breadth was skewed in favour of the buyers as 2,338 stocks rose, 1,802 fell, and 100 remained unchanged on the BSE.