Stock Market Highlights: Nifty, Sensex Slip For Second Session After Moody's US Downgrade
On the NSE, nine out of the 15 sectors advanced, with Nifty Realty and PSU Bank being the top gainers.
The benchmark equity indices closed lower on Monday for the second consecutive session amid volatility in the stock markets following Moody's downgrade of the US by a notch.
The NSE Nifty 50 closed 74.35 points or 0.3% lower at 24,945.45 and the BSE Sensex ended 271.17 points or 0.33 down at 82,059.42. During the day, the Nifty fell 0.41% to 24,916.65, while the Sensex declined 0.44% to 81,964.57.
The ratings agency changed the credit rating of the US from top-tier AAA to AA. The agency sighted concerns over the country's ballooning $36-trillion debt that could get worse under President Donald Trump's tax cuts.
"For most of the trading session, the Index oscillated within a narrow range with a negative bias," Aditya Gaggar, director of Progressive Share Brokers, said.
Shares of Bajaj Auto Ltd., Shriram Finance Ltd. and Power Grid Corp. were among the top gainers among the Nifty 50 stocks. Eternal Ltd., Grasim Industries Ltd. and Infosys Ltd. were the among biggest laggards.
In terms of points contribution, Bajaj Auto Ltd., HDFC Bank Ltd. and Bajaj Financial Services Ltd. led the gains in the index the most.
Infosys and Reliance Industries Ltd. dragged the index the most.
On the NSE, nine out of the 15 sectors advanced, with Nifty Realty and PSU Bank being the top gainers.
In the broader market, the BSE MidCap and SmallCap outperformed the benchmark Sensex as they ended 0.24% and 0.70% higher respectively.
The market breadth was skewed in favour of the buyers as 2,497 stocks advanced, 1,583 declined and 182 remained unchanged on the BSE.
