Nifty, Sensex Close At Over One-Month Low As HDFC Bank, RIL Share Prices Drag: Market Wrap
.jpeg?downsize=1010:568 "Nifty, Sensex Close At Over One-Month Low As HDFC Bank, RIL Share Prices Drag: Market Wrap")
India's benchmark stock indices closed lower for the sixth straight day, shedding over 5% to over one-month low on Monday, led by losses in HDFC Bank Ltd., Reliance Industries Ltd. and Axis Bank Ltd. This was its worst six-day decline since March 2022. The state election results kept the market jittery.
The Nifty 50 ended 218.85 points or 0.87% lower at 24,795.75, and the Sensex closed 638.45 points or 0.78% lower at 81,050.00.
During the session, Nifty 50 declined 1.82% to 24,694.35 and the Sensex declined 1.75% to 80,726.00, marking their lowest level since Aug. 21. The Nifty 50 index dipped below the support level of 24,750.
The Nifty Bank ended 1.91% lower at 50,478.90, the lowest closing level since Aug. 19. Intraday, it fell 3.17% to 50,194.30, its lowest level since Aug. 16.
"In the bearish candle series, Nifty 50 added one more red candle to the daily chart and formed a Three Black Crows pattern," said Aditya Gaggar, director, Progressive Shares. "Only in the case of a strong sustainable move above 25,000 will trend reversal be confirmed till then markets are likely to remain in the grip of bears with the next support being placed at 24,400."
the Sensex closed 638.45 points or 0.78% lower at 81,050.00.
he Nifty 50 ended 218.85 points or 0.87% lower at 24,795.75.
The Nifty Bank ended 1.91% lower at 50,478t.90, the lowest closing level since Aug 19.
HDFC Bank Ltd., Reliance Industries Ltd., Nestle India Ltd.., Axis Bank Ltd., and State Bank of India were the top draggers in the Nifty 50 index.
Infosys Ltd., Bharti Airtel Ltd., Mahindra & Mahindra Ltd., Trent Ltd., and Tata Consultancy Services Ltd. limited gains in the index.
Top contribution to the NSE Nifty 50 index.
On NSE, 11 out of 12 sectors ended lower and one closed higher. The NSE Nifty Media was the worst performing sector, and the NSE Nifty IT was the top performing sector.
On NSE, 11 sectors ended lower and one higher out of 12.
Broader indices underperformed the benchmark, with the BSE Midcap closing 1.85% lower and the BSE Smallcap ending 3.3% down on Monday.
All sectoral indices closed lower on the BSE with the exception of BSE IT and BSE Teck.
Market breadth was skewed in the favour of sellers. As many as 3,416 stocks fell, 643 rose, and 119 remained unchanged on the BSE.
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