The Sensex and Nifty saw a decline after continuing with the early session losses. The benchmark indices were muted due to drop in HDFC group stocks after the recent steep rally post the announcement of their merger, said Vinod Nair, Head of Research at Geojit Financial Services.
Accordingly, Sensex settled 0.9 per cent or 566 points down at 59,610, whereas Nifty dipped 0.8 per cent or 150 points down at 17,807.
Among the individual stocks, HDFC Bank, HDFC, HDFC Life, HCL Technologies, and Tech Mahindra were the top five losers among the Nifty 50 companies during the session, tanking 3.6 per cent, 3.3 per cent, 2.4 per cent, 2 per cent, and 2 per cent, respectively.
Coal India, NTPC, Tata Steel, Power Grid Corporation of India, and BPCL were the top five gainers.
“We can expect volatility in the near-term ahead of the RBI policy meet which is expected to hold the rates but increase inflation forecast,” Nair added.
For fresh cues, the outcome of the Reserve Bank of India’s upcoming Monetary Committee Policy meeting starting Wednesday would be eyed by the investors.