Business

Sensex, Nifty Close Lower Amid Selling In IT And Pharma Sectors

The Indian stock market ended lower on Monday due to heavy selling in IT, pharma, and media stocks. The Sensex closed at 77,330.01, down 241.30 points or 0.31%. Nifty settled at 23,453.80, falling 78.90 points or 0.34%.

Despite the decline, the Nifty Bank index gained 184.25 points or 0.37%, closing at 50,363.80. The Nifty Midcap 100 index rose slightly by 1.70 points, ending at 54,044.80. However, the Nifty Smallcap 100 index dropped 93.80 points or 0.53%, finishing at 17,507.25.

Sector-wise Trends

IT, pharma, media, energy, infrastructure, healthcare, and public sector stocks saw heavy selling. In contrast, auto, PSU banks, financial services, FMCG, metals, realty, and private banks witnessed buying.  Among Sensex stocks, major losers included TCS, Infosys, NTPC, HCL Tech, Tech Mahindra, Bajaj Finserv, Sun Pharma, and Reliance. Top gainers were Tata Steel, Hindustan Unilever, Nestle India, M&M, SBI, and Adani Ports.

Factors Driving Market Sentiment

The market decline was attributed to weak earnings growth, consolidation, and a sluggish rupee due to inflation. IT stocks suffered as hopes for a US Fed rate cut in December diminished, impacting BFSI spending.

According to Jatin Trivedi of LKP Securities, selling pressure could ease due to upcoming state elections in Maharashtra.

Rupee Gains Slightly

The rupee strengthened to 84.39, gaining 0.08 against the dollar. A weaker dollar, retreating to 106.45 from 107, supported the rupee. Reduced FII selling also contributed to currency stability.

Also Read: Indian Stock Market Opens In Red, IT, Pharma, And PSU Bank Sectors Face Pressure

Ajaypal Choudhary

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