Stock Market Snaps 5-Day Winning Run: Sensex Falls 335 Points, Nifty Ends Below 17,750 On Weak Global Cues
Stock update: On the 30-share Sensex platform, Tata Steel, Kotak Bank, Infosys, ICICI Bank, M&M were the leading losers
Sensex and Nifty, the two key equity benchmarks, on Monday snapped their five-day winning streak tracking weak global cues and coupled with profit booking in metal and financial stocks.
The S&P BSE Sensex closed 335 points lower (0.55 per cent) to 60,507 levels. On the other hand, the Nifty50 closed at 17,765, down 89 points (0.5 per cent).
On the 30-share Sensex platform, Tata Steel, Kotak Bank, Infosys, ICICI Bank, M&M were the leading losers. On the NSE, Divis Labs, JSW Steel, Hindalco, Tata Steel, Kotak Bank, Eicher Motors, Infosys, Adani Enterprises, HDFC Life, ICICI Bank, M&M, Ultratech Cement, Tata Motors, and RIL were the top large-cap laggards, down up to 3.6 per cent. On the flip side, IndusInd Bank, Bajaj Finance, PowerGrid, ITC, Bajaj Fisnerv, and others emerged winners.
In the broader markets, BSE MidCap and SmallCap indices advanced 0.75 per cent and 0.49 per cent, respectively.
Among sectors, the Nifty Metal index fell 2.2 per cent, followed by the Nifty IT index (down 0.6 per cent), and the Nifty Bank index (down 0.3 per cent).
Adani group stocks, except for Adani Ports, continued to decline due to weak investor sentiment after US-based activist short-seller Hindenburg Research made a litany of allegations. Adani Ports and Special Economic Zones Ltd gained 9.46 per cent after the group said that the promoters will pre-pay $1,114 million for the release of pledged shares of its firms ahead of the maturity in September 2024.
Elsewhere in Asia, equity markets in Shanghai and Hong Kong ended in the red, while Tokyo and Seoul settled higher. Equity exchanges in Europe were trading lower in mid-session deals. Markets in the US ended in the negative territory on Friday.
The rupee fell by 65 paise to close at 82.73 (provisional) against the US currency on Monday, weighed down by gains in the greenback in the overtseas markets and a muted trend in domestic equities.
Sustained foreign fund outflows and firm crude oil prices further dented investor sentiments, forex traders said.
At the interbank foreign exchange market, the rupee opened at 82.35 against the greenback, and fell to an intra-day low of 82.76. It finally settled at 82.73 (provisional), down 65 paise over its previous close.
In the previous session on Friday, the rupee settled at 82.08 against the US dollar.
Global oil benchmark Brent crude futures advanced 0.45 per cent to $80.30 per barrel.
The Indian rupee depreciated on a rally in the US Dollar and weak domestic markets, said Anuj Choudhary - Research Analyst at Sharekhan by BNP Paribas. "Dollar gained on robust economic data from the US raising expectations of hawkish Federal Reserve.
Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Friday as they offloaded shares worth Rs 932.44 crore, according to exchange data.
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