Indian benchmark indices extended their losses for the fifth consecutive session on Monday to end at the lowest since June 2024 as information technology and metal stocks dragged the indices.
Infosys Ltd. and Tata Consultancy Services Ltd. were the top laggards while Mahindra & Mahindra and Kotak Mahindra Bank Ltd. gained during the session.
The NSE Nifty 50 ended 242 points or 1.06% lower at 22,553.3, while the BSE Sensex closed 856.65 points or 1.14% down at 74,454.41. Intraday, Nifty fell as much as 1.22% to 22,518, while Sensex lost 1.23% to 74,907.
The benchmark indices are on track to close the month with the longest losing streak since November 1996.
As a relief to battered Indian stocks, Citi Research upgraded the outlook to 'overweight' with economic recovery in sight amid cooling valuations. The brokerage assigned a December year-end target for the benchmark NSE Nifty 50 at 26,000, implying a 15% upside from the current level.
Shares of Infosys, TCS, HDFC Bank Ltd., Bharti Aitel Ltd. and ICICI Bank Ltd. weighed on the Nifty 50. While those of Mahindra & Mahindra Ltd., Kotak Mahindra Bank Ltd., ITC Ltd., Dr Reddy's Laboratories Ltd. and Eicher Motor Ltd. cushioned the fall.
On NSE, nine out of 12 sectors advanced, and the other three declined. The Nifty IT and Nifty Metal fell the most, and the Nifty FMCG and Nifty Auto bucked the trend.
Broader markets also slipped, with the BSE Midcap ending lower by 0.78% and the BSE Smallcap felling by 1.31%.
On BSE, 19 out of 21 sectors declined. The BSE Focused IT and Telecommunications fell the most by over 2%, while the BSE FMCG and BSE Auto were the only gainers.
Market breadth was skewed in the favour of sellers. In total, 2,802 stocks declined, 1,220 stocks advanced, and 178 stocks remained unchanged on the BSE.
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