Benchmark indices closed in the red on Monday extending their losing streak to the seventh consecutive session.

Nifty also extended its decline to a seventh straight session, its longest losing streak since February 2023, as IT and energy stocks faced sharp sell-offs. The Sensex also endured a volatile day, fluctuating by 900 points. At close, the Sensex was down 241 points or 0.3 per cent at 77,339, and the Nifty was down 79 points at 23,454.

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On Nifty, Hindalco, Hero MotoCorp, Tata Steel, HUL, and M&M were the top gainers, rising 1.5-4 per cent while BPCL, TCS, Infosys, Trent, and Dr Reddy’s Labs were the biggest losers falling 2.5-3 per cent.

Notably, the weakness in heavyweight stocks such as Reliance Industries and ICICI Bank further intensified the pressure on the indices, causing them to close at levels not seen since late June.

On BSE, stocks such as Banco Products, DCM Shriram, Garware HiTech, Hikal, JSW Holdings, Orient Tech, RCI Industries, Sasken Tech, Themis Medicare, Timex Group, touched their 52-week high.

Bajaj Housing, Birla Corp, CreditAccess Grameen, Delhivery, Hyundai Motor, Indraprastha Gas, IndusInd Bank, JK Lakshmi Cement, Nestle, Raymond, Tata Tech, Tata Elxsi, Vodafone Idea hit their 52-week low. BSE Midcap index fell 0.2 per cent and the BSE Smallcap index was down by 0.7 per cent.

Among the sectors, Nifty IT index saw a sharp sell-off falling 2.36 per cent. Nifty Oil & Gas index followed suit as they declined 1.53 per cent, while the Nifty Media, Nifty Pharma, Nifty Energy, and Nifty CPSE indices lost over 1 per cent.

Nifty Metal index gained 1.90 per cent, driven by strong performances from aluminium and copper manufacturers. Nifty FMCG, Nifty Auto, Nifty PSU Bank, Nifty Realty, and Nifty Consumer Durables all ended the session with gains ranging from 0.27 per cent to 1.05 per cent.

Shares of Muthoot Finance were higher by nearly 8 per cent on the back of a strong quarterly profit growth. Crompton Greaves Consumer Electrical shares rose 4 per cent after the company reported an increase in its consolidated net profit and revenue for the quarter ended September. Honasa Consumer shares hit its 20 per cent, lower circuit after the parent company of D2C brand Mamaearth shared a weak earnings report for the quarter ended September.

IT stocks reacted negatively due to a reduced expectation of a FED rate cut in December. Metal stocks gained some ground after China decided to reduce tax rebates on aluminium and copper. Domestic markets are seeing fund outflows for more than a month now, surging US bond yields and local earnings failing to meet the estimates has been causing uncertainty amongst the investors.