Stock market on Monday started on a negative note in the Budget week and ended lower for the second consecutive session. Selling was seen across the sectors.
Market was pressured by declines in banking and IT sectors, though FMCG saw modest gains.
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Nifty plunged below 22,800 for the first time since June 2024.
At close, Sensex was down 824 points or 1 per cent at 75,366, and the Nifty was down 275 points or 1.2 per cent at 22,817.
Nifty50 recorded a day’s high of 23,007.45, while the day’s low was 22,786.90
Further, about 542 shares advanced, 3,398 shares declined, and 115 shares were unchanged.
On Nifty50, 43 out of the 50 constituent stocks ended in the red. The index was dragged by HCL Tech, Tech Mahindra, Wipro, Hindalco, and Shriram Finance, with losses extending up to 4.59 per cent.
ICICI Bank, Britannia, Mahindra & Mahindra, Hindustan Unilever, State Bank of India were among the 7 constituent stocks that ended in the green, with gains extending up to 1.50 per cent.
Volatility index India VIX, which gauges the volatility in markets, ended higher by 8.28 per cent at 18.13 points.
Broader markets also mirrored the benchmarks. Nifty Smallcap100 and Nifty Midcap100 indices ended down by 3.84 per cent and 2.75 per cent, respectively.
Among the sectors, all ended in the red, with losses extending up to 4.73 per cent.
Nifty IT settled 3.36 per cent lower, with Coforge, Persistent Systems, and LTI Mindtree being the top laggards, with losses of up to 5.19 per cent.
Nifty Energy, IT, Metal, Media, Oil & Gas, and Pharma bearing the brunt, tumbled at 2-5 per cent.
Among the individual shares, Interglobe Aviation (Indigo) gained over 1 per cent, after posting Q3 FY2025 results that surpassed brokerage estimates.
Bank of India shares gained over 5 per cent while ICICI Bank’s stock saw positive movement of 15 per cent, benefiting from the positive momentum following the bank’s strong Q3FY25 results.
However, the shares of IDFC First Bank dropped by 5 per cent.
U.S. stock futures and most Asian markets also struggled as investors reacted to Chinese startup DeepSeek’s launch of a free AI model to rival OpenAI’s ChatGPT.
Experts are eyeing two crucial events, the Union Budget and the US Federal Reserve’s rate decision, that will set the tone for markets in this six-day trading week.
