Indian Stock Market Closes In Red As IT And PSU Banks Drag Indices Down

The Indian stock market ended Monday in the red, with IT and PSU banks facing significant pressure by the close of trading. The BSE Sensex slipped 73.48 points, or 0.09%, to settle at 81,151.27. Similarly, the NSE Nifty fell 72.95 points, or 0.29%, to finish at 24,781.10.

The Nifty Midcap 100 index dropped 1.66%, closing at 57,677.70, while the Nifty Smallcap 100 index fell 1.47% to 18,797.40. Nifty Bank also declined, ending at 51,962.70, down 0.25%.

Broad-Based Selling Across Sectors

Except for the auto and financial services sectors, selling pressure hit various sectors, including IT, PSU banks, pharma, FMCG, metals, and realty. On the Bombay Stock Exchange, 1,133 stocks traded in green, while 2,900 ended in red, and 142 saw no change.

Top gainers in Nifty included Bajaj Auto, HDFC Bank, Asian Paints, M&M, and Eicher Motors. However, Tata Consumer, Kotak Mahindra Bank, Bajaj Finserv, BPCL, and IndusInd Bank led the losses.

Volatility and Q2 Earnings Impact

Market experts noted considerable volatility, with indices swinging between gains and losses throughout the day. Disappointing Q2 earnings from private banks weighed heavily on the market. However, Domestic Institutional Investors (DIIs) provided some support, softening the decline.

Despite closing in red, the market opened positively on Monday morning, with Sensex gaining 429.08 points, or 0.53%, and Nifty climbing 101.45 points, or 0.41%, in early trade.

Also Read: India, China Agree On Patrolling Arrangement Along LAC, Paving Way For Disengagement