New Delhi: The key equity benchmark, Sensex and Nifty, on Monday traded lower dragged by information technology (IT) stocks and global weak cues.
The 30-share BSE Sensex plunged 483 points (0.81 per cent) to close at 58,965, while the broader NSE Nifty moved 109 points (0.62 per cent) lower to settle at 17,675.
More than 20 of the 30 Sensex stocks and 30 of the 50 Nifty counters ended in the negative zone. These included HCL Tech, Infosys, L&T, Wipro, SBI Life, Asian Paints, HDFC, HDFC Bank, and Axis Bank, falling up to 2.7 per cent.
On the upside, Grasim, Adani Ports, JSW Steel, UPL, Cipla, Apollo Hospitals, and BPCL were the top large-cap gainers, adding between 1 per cent and 3 per cent.
In the broader markets, though, the BSE Midcap and Smallcap indices advanced 0.4 per cent each.
Among sectors, the Nifty IT and Financial Services indices were the worst hit, falling 1.4 per cent and 0.5 per cent, respectively. On the flipside, the Nifty Oil and Gas, and Realty indices gained the most in a weak market, rising up to 1.8 per cent.
10 out of the 15 sector gauges, compiled by the National Stock Exchange, ended in the red.
On Friday, the BSE Sensex climbed 412.23 points (0.70 per cent) to settle at 59,447.18, while the Nifty gained 144.80 points (0.82 per cent) to finish at 17,784.35.
“The market is wary ahead of the ECB meeting, the release of US inflation data, and the start of the domestic Q4 result season,” Vinod Nair, Head of Research at Geojit Financial Services, told the PTI.
Global stock markets were also down due to concerns over inflation, expectations of aggressive rate hikes by the US Federal Reserve and weak growth due to geopolitical situation.
The US Fed officials have indicated that they are considering raising the benchmark rate by double the normal amount at upcoming meetings. They also indicated they may shrink the Fed’s bond holdings, which might push up commercial borrowing rates.
In Asia, markets in Hong Kong, Seoul, Shanghai, and Tokyo ended lower. European stock markets were also trading lower due to sell-off in technology stocks. Stocks in the US ended mostly lower on Friday.
International oil benchmark Brent crude declined 2.38 per cent to $100.3 per barrel.
Foreign institutional investors continued to offload shares worth Rs 575.04 crore on Friday, according to exchange data.
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