Market declines due to foreign investor selling, weak quarter earnings
At the close, the Sensex fell by 1.2 per cent or 942 points to 78782.24, while the Nifty dropped 1.27 per cent or 309 points to 23995.35.
Domestic markets, Sensex and Nifty ended on a positive note on Monday, on the back of heavy buying in pharma, power and banking sectors as investors brushed aside concerns over rising new coronavirus cases amid positive global cues.
The S&P BSE Sensex closed 295.94 points or 0.60 per cent higher at 49,502.41 levels, while the NSE Nifty jumped 119.20 points or 0.80 per cent to 14,942.35.
In the last four sessions Sensex has gained 1,248.90 points or 2.58 per cent. Similarly, Nifty has added 445.85 points or 3.07 per cent.
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The gainers on BSE Sensex were led by L&T, rallying over 4 per cent, followed by Dr Reddy’s, Sun Pharma, NTPC, PowerGrid, IndusInd Bank, ONGC and M&M. On the other hand, UltraTech Cement, Infosys, Reliance Industries, HCL Tech and Axis Bank were five losers among the 30 shares.
On the broader front, BSE midcap and smallcap indices rallied up to 0.97 per cent.
“Domestic equities continued to defy concerns of rising COVID-19 cases and extended mobility restrictions by several states by extending gains for the fourth consecutive trading day,” said Binod Modi Head-Strategy at Reliance Securities.
Favourable global cues, steady March quarter earnings along with favourable commentary, liquidity support announced by the RBI and absence of nationwide lockdown have aided domestic equities to shrug off rising COVID-19 cases in the country, he further noted.
Elsewhere in Asia, bourses in Shanghai, Tokyo and Seoul ended on a positive note, while Hong Kong was in the red.
Stock exchanges in Europe were largely trading with losses in mid-session deals.
The Indian rupee ended 16 paise higher at 73.35 against the US dollar on Monday.
Meanwhile, international oil benchmark Brent crude was trading 0.53 per cent higher at USD 68.64 per barrel.
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