Indian equity indices closed deep in the red on Monday due to profit booking at higher levels. Sensex dropped 1,272 points, or 1.49%, to 84,299, while Nifty fell 368 points, or 1.41%, to 25,810. The decline was driven by a sharp fall in banking stocks, with Nifty Bank closing at 52,978, down 856 points or 1.59%.
Market Cap Erodes by Rs 4 Lakh Crore
The market cap of all BSE-listed companies declined by Rs 4 lakh crore, now standing at Rs 474 lakh crore. In the Sensex pack, JSW Steel, NTPC, Tata Steel, Titan, and Asian Paints were the top gainers. Major losers included Reliance, Axis Bank, ICICI Bank, and Infosys. Sectorally, auto, IT, and pharma stocks led the decline, while metal and media indices remained in the green.
Technical Analysts Expect Further Weakness
Rupak De, Senior Technical Analyst at LKP Securities, said the Nifty slipped sharply after a brief pause, breaking its consolidation pattern. De noted potential weakness ahead, with support at 25,750 and resistance at 26,000. FIIs turned net sellers, offloading Rs 1,209 crore worth of equities, while domestic investors bought Rs 6,886 crore on September 27.
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