Sensex, Nifty Closer Lower As RIL, HDFC Bank Drag: Market Wrap

India's benchmark stock indices closed lower on Monday, led by declines in HDFC Bank Ltd. and Reliance Industries Ltd.

The S&P BSE Sensex snapped 11 days of advance, which was its longest streak of gains since October 2007, while the NSE Nifty 50 snapped three days of gains.

Public-sector banks and auto sectors led as the Nifty Auto hit a lifetime high and the Nifty PSU Bank scaled a 12-year high during the day. Realty, media and metal sectors fell.

The S&P BSE Sensex closed 242 points, or 0.36%, lower at 67,596.84, while the NSE Nifty 50 declined 59 points, or 0.29%, to end at 20,133.30.

Globally, stocks fell as traders took risk off the table ahead of a raft of policy decisions this week that will reveal how major central banks view progress in the fight against inflation. The Stoxx Europe 600 fell 0.5%.

U.S. equity futures signalled a slight rebound from Friday’s declines on Wall Street.

In Asia, a gauge of the region’s shares fell, dragged down by tech names. Hong Kong’s Hang Seng slipped 1.4%, while China's CSI 300 erased losses as traders drew support from data last week that pointed to signs of stabilisation.

Titan Co., Mahindra & Mahindra Ltd., ITC Ltd., NTPC Ltd., and Power Grid Corp. positively contributed to the Nifty 50.

HDFC Bank Ltd., Reliance Industries Ltd., Infosys Ltd., Bharti Airtel Ltd., and Kotak Mahindra Bank Ltd. weighed on the index.

The broader market indices outperformed the main index, with the BSE Midcap ending 0.27% higher and the BSE Smallcap closing 0.60% higher on Monday.

Eight out of the 20 sectors compiled by BSE Ltd. advanced, while the other 12 declined. The BSE Utilities and BSE Consumer Durables rose, while the BSE Telecommunication and BSE Realty fell the most.

The market breadth was skewed in favour of the sellers. About 1,699 stocks rose, 2,074 declined, and 174 remained unchanged on the BSE.