Stock Market Highlights: Investors Lose Rs 2.4 Lakh Crore As Nifty Ends At Lowest In Seven Months

The Indian benchmark stock market indices settled at the lowest level in over seven months on Monday, as they extended losses to a second session in a row.

The NSE Nifty 50 ended 263.05 points or 1.14% down at 22,829.15, and the 30-stock BSE Sensex ended 824.29 points or 1.08% down at 75,366.17. The two frontline indices posted their lowest level since June 5, 2024.

Market-cap of the Nifty 50 companies fell by Rs 2.4 lakh crore to Rs 182.07 lakh crore.

The NSE Nifty Bank index also declined to the lowest level in over seven months during the session. The index ended 0.63% down at 48,064.65.

"The markets continued to be under the control of the bears, with significant losses in the mid and small-cap segments, putting pressure on the index (Nifty 50) to trade lower. During the day, the index broke through its key support level of 22,800 but managed to recover slightly, ending the session at 22,829.15 with a loss of 263.05 points. All sectors closed lower, with media and IT taking the hardest hits," said Aditya Gaggar, director, Progressive Shares.

The underperformance of the broader market persisted, as mid and small-caps saw declines of 2.75% and 3.84%, respectively, he added. The Nifty 50 tested its long-term trendline support at 22,800, and a further breach below this level could push it lower, "potentially targeting the 22,300-22,500 zone", according to Gaggar.

"Conversely, a decisive move above 23,400 is essential to confirm a trend reversal. Immediate resistance and support are now positioned at 23,000 and 22,660, respectively," the analyst said.

Infosys Ltd. HDFC Bank Ltd., Reliance Industries Ltd., Bharti Airtel Ltd., and Tata Consultancy Services Ltd. weighed on the Nifty 50.

ICICI Bank Ltd., Mahindra & Mahindra Ltd., Hindustan Unilever Ltd., State Bank of India, and Britannia Industries Ltd. limited losses in the benchmark index.

Sectoral indices ended lower on NSE. The NSE Nifty Media declined the most, and the NSE Nifty Finance declined the least.

Broader indices underperformed, with BSE Midcap closing 2.7% down and BSE Smallcap settling 3.5% lower.

All 21 sectoral indices on the BSE closed lower, with BSE Telecom felling the most.

Market breadth was skewed in the favour of sellers. As many as 3,513 stocks fell, 601 rose, and 120 remained unchanged on the BSE.