India's benchmark indices extended losses through midday on Monday amid volatility as stocks of fast-moving consumer goods and financial services exerted pressure on the indices.
As of 12:30 p.m., the NSE Nifty 50 fell 123 points or 0.57% to 21,587.40, while the S&P BSE Sensex declined 408 points or 0.57% to 71,618.32. The Nifty hit intraday low of 21,552.75 and the Sensex fell to a low of 71,521.16.
Most bank stocks declined on the NSE, with the HDFC Bank Ltd., State Bank of India and Bank of Baroda declining the most. Only AU Small Finance Bank was up 0.05% on the NSE.
"The market outlook is poised to be significantly shaped by the impending quarterly earnings reports from major IT companies," Shrey Jain, chief executive officer of SAS Online, said.
The support for the Nifty is expected to materialise within the range of 21,600 to 21,650, with a robust buy zone projected at 21,500–21,550, Jain said.
HDFC Bank, Reliance Industries Ltd., ITC Ltd., Tata Consultancy Services Ltd. and Hindustan Unilever Ltd. weighed on the indices.
Gains in Adani Ports and Special Economic Zone Ltd., Bajaj Finance Ltd., HCL Technologies Ltd., Bharti Airtel Ltd. and Oil & Natural Gas Corp. supported the index.
Ten out of the 12 sectors on the NSE dropped, with the Nifty PSU Bank declining 1.62%. The Nifty Realty and Media gained.
The broader markets fell in line with the indices, with the BSE MidCap falling 0.62% and the Smallcap declining 0.20% by midday on Monday.
Sixteen out of the 20 sectors on the BSE declined, with FMCG declining 1.34% and Realty being the top gainer.
The market breadth was skewed in the favour of the sellers as 1,975 stocks fell, 1,898 rose and 117 remained unchanged on the BSE.
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