Benchmark indices face first weekly decline, steepest in 20 weeks
Sensex and Nifty faced their first weekly decline after four weeks of gains on Friday. The Sensex dropped to a low of 72,485 while the NSE Nifty 50 dipped to a low of 21,932.
The downslide in the Indian equity markets continued on Monday. The rising inflation and the likelihood of monetary policy tightening in the US were some factors which pulled the Sensex down.
Policy tightening, which essentially means a rate hike, is a negative for the Indian market as investors typically prefer the US markets to accumulate higher returns.
On Monday, Sensex settled at 56,580 points, down 1.1 per cent, whereas Nifty was at 16,985 points, down 1.1 per cent.
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Among the individual stocks, Coal India, BPCL, Tata Steel, SBI Life, and Hindalco were the top five gainers among the Nifty 50 companies, while Bajaj Auto, HDFC Bank, ICICI Bank, Axis Bank, and HDFC were the top five losers, NSE data showed.
(IANS inputs)
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