Stock Market Highlights: Nifty Snaps Two-Session Gaining Streak As Bank Stocks Drag
Nine out of the 12 sectors on the NSE declined, with the Nifty Media falling the most and Pharma rising the most.
The benchmark equity indices eroded early gains in the last leg of the trade to end lower on Monday as HDFC Bank Ltd. and ICICI Bank Ltd. led the losses. Broad-based weakness across Asia and Europe also put pressure on the indices.
The NSE Nifty 50 closed 168.50 points or 0.71% down at 23,644.90 and the BSE Sensex ended 450.94 points or 0.57% lower at 78,248.13.
In the last leg of the trade, the Nifty declined as much as 0.90% to the day's low of 23,599.30 and the Sensex fell 0.79% to the intraday low of 78,077.13. Earlier in the day, the Nifty rose 0.43% to 23,915.35, and the Sensex advanced 0.50% to the day's high of 79,092.70.
The markets experienced significant volatility in the session. After a weak opening, a rally in banking stocks pushed the Nifty higher, but the 23,900 level acted as a strong resistance, causing the market to lose all its earlier gains, according to Aditya Gaggar, director of Progressive Share Brokers Pvt. "The price action in tomorrow's trade will be crucial in determining the next direction for the market."
HDFC Bank, ICICI Bank, Reliance Industries Ltd., State Bank of India and Mahindra & Mahindra Ltd. weighed on the Nifty the most.
Adani Enterprises Ltd., HCL Technologies Ltd., Sun Pharmaceutical Industries Ltd., Tech Mahindra Ltd. and Cipla Ltd. led the gains.
Nine out of the 12 sectors on the National Stock Exchange declined, with the Nifty Media falling the most and Pharma rising the most.
The broader markets outperformed as the BSE MidCap settled 0.13% higher and the SmallCap ended 0.47% lower.
The market breadth was skewed in favour of the sellers as 2,619 stocks declined, 1,498 advanced and 150 remained unchanged on the BSE.
