Sensex, Nifty Snapped Two-Day Gains To End Lower: Market Wrap
The Sensex closed 361 points, or 0.62%, lower at 57,204.10, while the Nifty 50 declined 112 points, or 0.65%, to end at 16,988.40.
India's benchmark stock indices snapped two-day gains to end lower on Monday, led by losses in metal and PSU stocks ahead of the U.S. Federal Reserve meeting on interest rates this week. The Nifty 50 ended below the 17,000 level.
European stocks fell and the U.S. equity futures retreated as the emergency weekend sale of Credit Suisse Group AG to UBS Group AG failed to soothe market jitters over the health of the banking system. Investors turned to the safety of Treasury notes, while gold rose on safe-haven demand.
The S&P BSE Sensex closed 361 points, or 0.62%, lower at 57,204.10, while the NSE Nifty 50 declined 112 points, or 0.65%, to end at 16,988.40.
Bajaj Finserv Ltd., Adani Enterprises Ltd., Bajaj Finance Ltd., Hindalco Industries Ltd., Wipro Ltd., Tata Steel Ltd., Coal India Ltd., State Bank of India, Adani Ports and Special Economic Zone Ltd., and Tata Motors Ltd. declined in trade.
The broader market indices ended lower, with the S&P BSE MidCap falling 1.12% and the S&P BSE SmallCap declining 0.88% by the end of the trade.
All the 19 sectors compiled by BSE declined, with S&P BSE Metal, S&P BSE Commodities, and S&P BSE Realty declining the most in trade.
The market breadth was skewed in favour of the sellers. About 1,149 stocks rose, 2,474 declined, and 129 remained unchanged on the BSE.
All Adani Group companies, with the exception of Adani Green Energy Ltd., ended lower on Monday.
Disclaimer: Adani Enterprises is in the process of acquiring a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.
