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The BSE benchmark Sensex declined 617 points or 0.83% to settle at 73,502, while the broader NSE Nifty dropped 161 points or 0.72% to end at 22,332.
Among the blue-chip stocks, Power Grid Corp and Tata Steel were the top laggards, falling over 2% each. SBI, IndusInd Bank, NTPC, and HDFC Bank also closed lower, while Nestle India, Bajaj Finserv, Asian Paints, and Tech Mahindra closed with gains.
The broader, more domestically-focussed small-caps lost 2%, underperforming the benchmarks, while mid-caps dropped 0.4%.
NLC India shares closed nearly 7% higher after the company’s offer for sale (OFS) opened for retail investors.
RVNL shares also closed over 3% higher after the company bagged four orders worth Rs 2,092 crore.On the sectoral front, Nifty Bank, Media, Metal, Realty, and Oil & Gas closed over 1% lower. Whereas, only Nifty Pharma and Healthcare ended higher.The market capitalisation of all listed companies on BSE declined by Rs 3.15 lakh crore to Rs 389.66 lakh crore.
The market breadth was skewed in the favour of the bears. About 3,039 stocks declined, 924 gained, and 118 remained unchanged on the BSE.
Experts View
“Continued selloff in global markets due to uncertainty over rate cuts impacted the domestic market sentiment, which is currently at an overbought level. The stronger-than-expected US nonfarm payroll data and caution ahead of the release of US inflation data tomorrow kept investors on the edge. The broader market continued its underperformance due to valuation concerns, while investors are rebalancing their portfolios to include safe haven assets like gold,” said Vinod Nair, Geojit Financial Services.
Rupak De, Senior Technical Analyst at LKP Securities, said, “Nifty has been fluctuating within an ascending channel, displaying a pattern of higher highs and higher lows. The overall trend continues to be bullish, although there is currently an intermediate corrective phase in progress. In the short term, Nifty could experience weakness, possibly leading to a decline toward the range of 22,200-22,250. Looking at the upside, immediate resistance is identified at 22,400 based on closing prices,”
Global Markets
European stock indexes were mostly in the red in early trading on Monday, falling from last week’s record highs as traders grappled with uncertainty over the economic outlook and waited for US inflation data later in the week.
The pan-European STOXX 600, which also hit an all-time high on Friday, was down 0.5%. London’s FTSE 100 was down 0.3% and Germany’s DAX was down 0.7%.
In Asia, the Nikkei index fell 2.1%, while China’s Shanghai Composite rose 0.7%.
Crude Oil
Oil prices extended last week’s losses on Monday on concern about slow demand in China, although lingering geopolitical risk surrounding the Middle East and Russia limited the decline.
Brent futures fell 12 cents, or 0.2%, to $81.96 a barrel, while U.S. West Texas Intermediate (WTI) dropped 21 cents, or 0.2%, to $77.8.
Rupee Strengthens
The Indian rupee rose for a third straight session on Monday on the back of dollar inflows, but its rally was run into by likely intervention from the central bank. The rupee closed at 82.7575, up from its previous close of 82.7850.
(With inputs from agencies)
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