Stock Market Highlight: Sensex, Nifty Extend Declines For Fourth Straight Session To End Over 1% Lower
The NSE Nifty 50 ended 345.55 points or 1.47% lower at 23,085, while BSE Sensex lost 1,048.90 points or 1.36% to close at 76,330.01.
Indian equities extended their fall for the fourth consecutive day, with financials, energy and realty stocks weighed down. Nifty 50 has seen the worst first nine sessions of a year since 2016.
The NSE Nifty 50 ended 345.55 points or 1.47%, lower at 23,085, while the BSE Sensex lost 1,048.90 points or 1.36%, to close at 76,330.01. During the session, the Nifty declined as much as 1.64% to an intraday low of 23,047.25, while the Sensex fell 1.46% to 76,249.72.
"Indian blue-chip equity indices, Sensex and Nifty50, closed lower on Monday, raising concerns among investors about slowing domestic corporate earnings and diminishing prospects for US rate cuts," said Ameya Ranadive, sr. technical analyst, StoxBox.
Axis Bank Ltd. was the top gainer on the Nifty, rising 0.83%, followed by Tata Consultancy Services.
HDFC Bank Ltd., ICICI Bank Ltd., L&T, Mahindra & Mahindra Ltd. and Trent weighed on the Nifty the most in terms of points contribution. While those of Tata Consultancy Services Ltd., Axis Bank Ltd., IndusInd Bank Ltd., and Hindustan Unilever Ltd. minimised the fall.
"The strong bearish candle on the daily chart denotes a strong underlying bearish trend; however, the index is approaching its long-term trendline support (from Covid-19 lows), i.e., at 22,800, from where a reversal can be anticipated as the markets have entered the oversold territory," Aditya Gaggar, Director of Progressive Shares.
Most sectoral indices fell, with Nifty Realty falling the most.
On BSE, all 21 sectors ended sharply lower, with the BSE Realty declining the most.
Market breadth was skewed in favour of sellers. On BSE, 3,574 stocks declined, 527 advanced, and 127 stocks remained unchanged on BSE.
Broader markets underperformed benchmark indices. The BSE Midcap and Smallcap indices ended 4.17% and 4.14% down, respectively.
"Broader indices saw sharp corrections, and all sectoral indices ended the day in negative territory, leading to an overall pessimistic market breadth," said Ranadive.
