Stock Market Today: Sensex, Nifty Close At Five-Month Low; Banks, Autos Drag
S&P BSE Sensex fell 1.52% to 58,237.85, while Nifty 50 closed 1.49% lower at 17154.30.
KEY HIGHLIGHTS
FPIs Stay Net Sellers For The Third Straight Day
Overseas investors in Indian equities remained net sellers for the Third day in a row on Monday.
Foreign portfolio investors offloaded equities worth Rs 1,546.86 crore, according to data from the National Stock Exchange.
Domestic institutional investors were net buyers for the third day in a row and mopped up stocks worth Rs 1,418.58 crore.
Foreign institutions have remained net sellers of Rs 22,371 crore worth of Indian stocks so far in 2023, according to NSDL.
Yield On The 10-Year Declines
The yield on the 10-year bond closed 6 bps lower at 7.36% on Monday. It closed at 7.42% on Friday.
Source: Bloomberg
Rupee Depreciates Against The U.S. Dollar
The local currency weakened by 8 paise to close at 82.13 against the greenback.
Source: Bloomberg
Closing Bell: Sensex, Nifty Close At Five-Month Low
Indian benchmarks closed at a five-month low on Monday dragged by banking, telecom and automobile stocks.
S&P BSE Sensex fell 1.52% to close at 58,237.85, while Nifty 50 closed 1.49% lower at 17154.30.
Benchmark Nifty 50 has fallen below 17,255- the lowest level since Feb.28, 2023. The index was dragged by Nifty Bank, which was the worst performing index with a decline of 2.27% to 39,564.70. The Nifty Bank index also ended near its lowest level of 39,490.50, clocked in February.
Of the 50 Nifty 50 constituents, 4 advanced and 45 declined. Meanwhile, one stock remained unchanged.
Tech Mahindra and Apollo Hospitals Enterprise were the only gainers of Nifty 50 index, while IndusInd Bank, State Bank of India, Tata Motors, Mahindra & Mahindra, Eicher Motors were the top losers of the index.
The broader indices underperformed the benchmarks. BSE MidCap fell 1.82% and BSE SmallCap declined 2.08%.
The market breadth was skewed in favour of the bears. On the BSE, about 772 stocks rose, 2,829 declined, and 156 remained unchanged.
Nifty 50 Falls Below February Low Levels; Bank Nifty Drags
Benchmark Nifty 50 has fallen below 17,255- the lowest level since Feb.28, 2023.
The index was dragged by Nifty Bank, which was the worst performing index with a decline of 2.10% to 39,633.60. The Nifty Bank index is trading near its lowest level in February, which was 39,490.50.
Nifty 50 down 361 points from day's high, while Nifty Bank is down 1,056 points from day's high.
Source: Bloomberg
