Sensex, Nifty Decline For Fourth Day Dragged By Metal, Pharma Stocks

New Delhi: The Indian equity indices on Monday extended their losing run for the fourth straight session led by weakness in metal and pharma stocks. Investors turned cautious as the Russia-Ukraine standoff continued to dampen risk sentiment. The benchmark BSE Sensex dropped 149 points or 0.26 per cent to close at 57,684; while the broader NSE Nifty moved 70 points or 0.40 per cent lower to end at 17,207. Both the indexes swung between gains and losses throughout the session before settling in red.

Mid- and small-cap shares finished on a negative note as Nifty Midcap 100 index fell 1.24 per cent and small-cap shares plunged 2.73 per cent.

12 out of the 15 sector gauges -- compiled by the National Stock Exchange -- settled in red. Nifty Metal and Nifty Pharma underperformed the index by falling as much as 2.07 per cent and 1.35 per cent, respectively.

On the stock-specific front, Hindalco was the top Nifty loser as the stock cracked 3.38 per cent to Rs 511.70. UPL, Divi's Lab, Adani Ports and Sun Pharma were also among the laggards. 

Also, Tata Consultancy Services slumped 1.96 per cent ahead of Rs 18,000 crore share buyback.

In contrast, Wipro, Infosys, Shree Cement, PowerGrid and HDFC Bank were among the gainers.

On BSE, the overall market breadth stood weak as 709 shares advanced while 2,776 declined.

On the 30-share BSE platform, Sun Pharma, TCS, ITC, L&T, UltraTech Cement, Tech Mahindra, Titan, Reliance Industries and Tata Steel attracted the most losses with their shares sliding as much as 2.15 per cent.

Both the domestic bourses have witnessed volatile trade since last week, taking cues from the global markets.

Mohit Nigam, Head - PMS, Hem Securities, said, "On the technical front immediate support and resistance level for Nifty 50 are 17,050 and 17,400 respectively. The key resistance level for Nifty Bank is 38,100 and on the downside 37,100 can act as strong support."