India's benchmark equity indices extended their decline to the third day as weak first-quarter results from Kotak Mahindra Bank Ltd. weighed the most.
The NSE Nifty 50 settled 156.1 points or 0.63% lower at 24,680.9, while the BSE Sensex shed 572.07 points or 0.7% to close at 80,891.02. Intraday, the Nifty tested the 24,600 level. Both gauges continued to face selling pressure at higher levels.
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Of the 50 stocks on the blue-chip Nifty, 33 declined. The market capitalisation of the blue-chip pack lost nearly Rs 15,500 crore.
Shares of Kotak Mahindra Bank, Bajaj Finance Ltd. and Wipro Ltd. were among the biggest laggards in the Nifty 50. While Shriram Finance Ltd. and Cipla Ltd. were among the top gainers.
In terms of point contribution, Kotak Mahindra Bank, Bharti Airtel Ltd., and Bajaj Finance Ltd. weighed on the Nifty the most.
On the NSE, all but two sectors ended in the red, with Nifty Realty and Nifty Defence sliding the most. Some buying interest was seen in selective pharma and FMCG stocks.
The broader market fared as poorly as the benchmarks. The BSE MidCap fell 0.7% and SmallCap lost 1.3%.
The market breadth was skewed in favour of the sellers as 2,803 stocks declined, 1,224 advanced and 152 remained unchanged on the BSE.
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