Nifty, Sensex Fall For Second Session As RIL, FMCG Stocks Drag: Market Wrap
Share prices of HUL, ITC, Axis Bank and ICICI Bank also weighed on the Nifty the most.
The benchmark equity indices ended the first session of the week on Monday on a subdued note as Reliance Industries Ltd. and fast-moving consumer-goods stocks dragged them the most.
The NSE Nifty 50 ended 58.80 points or 0.24% lower at 24,619 and the BSE Sensex closed 200.66 points or 0.25% down at 81,508.46. During the day, both the Nifty and Sensex had fallen 0.4% each.
Sentiment in the FMCG stocks was impacted after Godrej Consumer Products Ltd. flagged the continued slowdown in demand. The sector contributed 39 points to the Nifty's decline.
Investors tracked various global events, including comments from China's politburo, the country's change in monetary policy stance, political scenario in South Korea, and geopolitical tensions in West Asia over the weekend.
"With a gravestone doji candlestick pattern, the index (Nifty) has witnessed a much-needed pullback," Aditya Gaggar, director of Progressive Share Brokers, said. "The undertone of the market is bullish and the rally towards 25,400 will continue, with the downside being protected at 24,540, while the immediate hurdle is placed at 24,850."
Shares of RIL, Hindustan Unilever Ltd., ITC Ltd., Axis Bank Ltd. and ICICI Bank Ltd. weighed on the Nifty the most.
Larsen & Toubro Ltd., HDFC Bank Ltd., Bharti Airtel Ltd., Infosys Ltd. and Kotak Mahindra Bank Ltd. minimised the fall.
Most sectoral indices on the NSE declined, with the Nifty FMCG and Media falling the most.
The broader markets advanced as the BSE MidCap and SmallCap ended 0.32% and 0.46% higher respectively.
On the BSE, 14 out of the 21 sectors advanced, while seven declined. Industrials advanced the most, while FMCG declined the most.
The market breadth was skewed in favour of the buyers as 2,304 stocks advanced, 1,771 stocks declined and 165 remained unchanged on the BSE.
