Sensex plummets 216 points as opening gains prove unsustainable

Sensex plummets 216 points as opening gains prove unsustainable
Image Source: FILE Market Reverses Opening Gains as Sensex Falls 216 Points

Equity benchmark indices witnessed a reversal of early gains and closed lower on Monday. Investors sold off telecom, power, and utility stocks amidst a bearish trend in global markets and profit booking. The 30-share BSE index, after reaching its lifetime high on Friday, experienced a decline of 216.28 points or 0.34% to settle at 63,168.30. Throughout the day, it dropped 336.75 points or 0.53% to 63,047.83.

The NSE Nifty ended at 18,755.45, going lower by 70.55 points or 0.37%.

Kotak Mahindra Bank: Biggest Loser from Sensex Pack

Kotak Mahindra Bank emerged as the biggest loser from the Sensex pack, experiencing a decline of 1.83%. This was followed by Axis Bank, NTPC, Hindustan Unilever, ICICI Bank, Bharti Airtel, Reliance Industries, HCL Technologies, IndusInd Bank, and Nestle.

In contrast, Bajaj Finance, Bajaj Finserv, Tech Mahindra, Tata Consultancy Services, Titan, Infosys, HDFC Bank, HDFC, and ITC were the gainers.

Asian Markets End Lower

Seoul, Tokyo, Shanghai, and Hong Kong witnessed a decline in their respective markets. European equity markets were also trading in negative territory. The US markets closed lower on Friday. The global oil benchmark, Brent crude, dropped by 0.38% to reach USD 76.31 per barrel. Foreign Institutional Investors (FIIs) bought equities worth Rs 794.78 crore on Friday, according to exchange data.

The BSE benchmark witnessed a zoom of 466.95 points or 0.74% and settled at a record closing high of 63,384.58 on Friday. The Nifty reached its lifetime peak of 18,826, climbing 137.90 points or 0.74%.

Private Bank Counters Drag Indices Down

Brokers have reported intense selling in private bank counters such as ICICI Bank and Kotak Bank, which contributed to the decline of the indices. There was accelerated selling, particularly in the afternoon trade, which caused the key Sensex to deviate from its record highs. Vinod Nair, the Head of Research at Geojit Financial Services, stated, “Indian equities refrained from closing at all-time high levels due to profit-booking, primarily driven by private banks. Global markets also took a breather after a strong rally last week as investors awaited China’s rate decision and the Fed chair’s testimony.”

(With PTI Inputs)

 

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