Extending losses for the second day in a row, the Indian market corrected nearly 1% amid weak global cues as benchmarks slid on Monday tracking Asian and the US markets.
Extending losses for the second day in a row, the Indian market corrected more than 1% amid weak global cues as benchmarks slid on Monday tracking Asian and the US markets. The broader Nifty50 ended below 17,000-mark, while the S&P BSE Sensex dropped more than 500 points. The benchmarks closed at 16,953.95 and 56,579.89 respectively on Monday.
In the broader market, Nifty mid cap and small cap came under huge drubbings as the two indices dipped close to 2% and more as India Volatility Index (VIX) shot up to 21-mark.
Sectorally, banking stocks showed some resilience as Nifty Bank and Private Bank managed to close in the green, while stocks from other sectors witnessed huge selling pressure with all other indices closing deep in red. The 12-share Nifty bank witnessed some last moment buying interest as the banking index ended 38 points higher to around 36,000-mark.
Among stocks, Bajaj Auto led the Nifty pack, while HDFC Bank, ICICI Bank, Kotak Bank, HDFC, Axis Bank, Nestle India and Maruti were other lead gainers on benchmarks in a falling market.
Coal India, BPCL, Tata Steel, SBI Life, Hindalco, Tech Mahindra, NTPC, RIL, Titan and Sun Pharma declined between 2-7% in a weak market.
