Benchmarks decline amid selling in blue-chip shares
HDFC Bank, Reliance Industries and IT stocks dragged after a fresh warning from the US to further raise tariffs against India
Benchmarks decline amid selling in blue-chip shares
Equity benchmark indices Sensex and Nifty ended lower on Monday, dragged by blue-chip HDFC Bank, Reliance Industries and IT stocks amid fresh warning from the US to further raise tariffs against India.
The 30-share BSE Sensex dropped 322.39 points or 0.38 per cent to settle at 85,439.62. During the day, it tanked 446.68 points or 0.52 per cent to 85,315.33. A total of 2,545 stocks declined, while 1,723 advanced and 203 remained unchanged on the BSE. After hitting a record intra-day high of 26,373.20, the 50-share NSE Nifty failed to carry forward the momentum and declined 78.25 points or 0.30 per cent to end at 26,250.30.
“The benchmark Nifty index scaled a new lifetime high of 26,373.20 during the session; however, profit-taking emerged near the top, dragging the index lower to test the crucial 26,200 support zone by the close. “Market sentiment remained guarded, with participants staying largely on the sidelines amid escalating geopolitical tensions following the US attack on Venezuela over the weekend,” according to Ashika Institutional Equities.
From the 30-Sensex firms, HDFC Bank, Infosys, HCL Tech, Bajaj Finance, Tata Consultancy Services and Reliance Industries were among the biggest laggards. In contrast, Bharat Electronics, Hindustan Unilever, Tata Steel and UltraTech Cement were among the gainers.
“Indian equity benchmarks ended lower on Monday after paring early gains, as selling pressure in IT stocks and heightened geopolitical concerns weighed on sentiment,” Gaurav Garg, Research Analyst, Lemonn Markets Desk, said.
The BSE smallcap and midcap indices went up marginally by 0.07 per cent and 0.05 per cent, respectively. Among sectoral indices, IT declined by 1.37 per cent, oil & gas (1.18 per cent), BSE Focused IT (1.17 per cent), energy (0.95 per cent), telecommunication (0.81 per cent), utilities (0.38 per cent) and financial services (0.25 per cent). On the other hand, realty jumped 2.16 per cent, consumer durables (1.25 per cent), metal (0.58 per cent), commodities (0.56 per cent), FMCG (0.51 per cent) and PSU bank (0.40 per cent).
Trump, while talking to reporters on Sunday aboard Air Force One en route to Washington from Florida, said, “They (India) wanted to make me happy, basically. Modi is a very good man; he is a good guy.
