Market starts week on weak footing as benchmarks snap 4-day gaining streak

The Stock Market on Monday started the week on a weak footing as the benchmarks snapped a four-day gaining streak. Nifty was dragged below 25,500 intraday, and strong selling was seen in the metal, auto, realty, and FMCG names.

However, buying in PSU Bank, IT, and media helped Nifty to close above 25,500.

Advertisement

At close, the Sensex was down 452.44 points or 0.54 per cent at 83,606.46, and the Nifty was down 120.75 points or 0.47 per cent at 25,517.05.

BSE Midcap index rose 0.6 per cent and the smallcap index added 0.8 per cent. The overall market capitalisation of firms listed on the BSE rose to Rs 461 lakh crore from Rs 460 lakh crore in the previous session.

Among the sectors, the Nifty Bank index fell 0.23 per cent, while the Financial Services index declined 0.62 per cent. The Private Bank index dropped 0.88 per cent, while on the other hand, the Nifty PSU Bank index soared 2.66 per cent.

Karnataka Bank stock price tanked 6 per cent after the bank’s CEO, Srikrishnan Hari Hara Sarma, and Executive Director Sekhar Rao stepped down from their positions.

Shares of IDBI Bank rallied as much as 4 per cent after reports surfaced that the Centre is gearing up to invite financial bids for the lender.

Pharma and Consumer Durables indices rose half a per cent each.

On Nifty, the top gainers were Trent (up 3.04 per cent), BEL (up 2 per cent) and SBI (up 1.79 per cent) while as many as 31 stocks closed lower with Tata Consumer (down 2.34 per cent), Kotak Mahindra Bank (down 2.17 per cent) and Axis Bank (down 2.13 per cent).

Over 150 stocks on the BSE touched their 52-week highs. These included Deepak Fertilisers, City Union Bank, EID Parry, Laurus Labs, Aditya Birla Capital, Lloyds Metals, Interglobe Aviation, SRF, Poonawalla Fincorp, Abbott India, Ramco Cements, LT Finance, Redington, Gillette India, Hyundai Motor, HDFC Life, Max Financial, Solar Industries, among others.

On the global scale, Asia shares ended mostly higher, while European markets were trading marginally lower.

Wall Street extended its rally on Friday, sending the S&P 500 and Nasdaq to all-time closing highs.