Market ends weak amid selling across sectors
At close, the Sensex was down 820.97 points or 1.03% at 78,675.18, and the Nifty was down 257.80 points or 1.07% at 23,883.50.
Equity benchmark indices ended Monday’s session in the negative weighed down by weakness in banking and financial services shares like HDFC, ICICI Bank, HDFC Bank, IndusInd Bank, State Bank of India.
The Sensex fell as much as 421 points and Nifty 50 index briefly dropped below 11,400. However, late buying in IT heavyweights like Infosys and TCS, energy giant Reliance Industries, Bharti Airtel, Maruti Suzuki and ITC helped the benchmark indexes trim losses by the end of the session.
The Sensex ended 155 points or 0.40 per cent lower at 38,667 and the NSE Nifty 50 index declined 0.33 per cent or 38 points to close at 11,474.
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Nine of 11 sector gauges compiled by National Stock Exchange ended lower led by the Nifty PSU Bank index’s 3.47 per cent fall. Nifty Private Bank, Nifty Bank, Nifty Financial Services, Nifty Media and Nifty Pharma indexes also fell between 1.9 and 2.6 per cent each.
On the other hand, Nifty Information Technology index was top gainer, up 1.91 per cent. Mid- and small-cap shares also witnessed selling pressure as the Nifty Midcap 100 index fell 1.51 per cent and Nifty Smallcap 100 index slumped 1.67 per cent.
Shares of Lakshmi Vilas Bank (LVB) and Indiabulls Housing Finance came under pressure after the Reserve Bank of India (RBI) initiated a prompt corrective action (PCA) plan on the former. Both LVB and Indiabulls Housing Finance are proposed to merge.
Yes Bank was the top loser in the Nifty 50 basket of shares, the stock slumped 14.36 per cent to close at Rs. 41.75. IndusInd Bank, State Bank of India, ICICI Bank, Zee Entertainment, Cipla, HDFC, Sun Pharma, Axis Bank, Vedanta, Britannia Industries and Tata Motors were also among the laggards, down between 2 and 6 per cent each. On the other side, Bharti Airtel, HCL Technologies, UPL, Infosys, ITC, TCS, Reliance Industries, Tech Mahindra and Adani Ports were among the gainers.
The overall market breadth was extremely bearish as 1,311 shares closed lower while 499 shares ended higher on the NSE.
(With input from agencies)
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