Mumbai. The Indian stock market closed in the red on Monday, the first trading day of the week. At the end of trading, heavy selling was seen in the IT, pharma and media sectors of Nifty. The Sensex closed at 77,330.01 after falling 241.30 points or 0.31 percent. At the same time, the Nifty closed at 23,453.80 after falling 78.90 points or 0.34 percent. Nifty Bank rose 184.25 points or 0.37 percent to 50,363.80. The Nifty Midcap 100 index closed at 54,044.80 at the end of trading after a nominal gain of 1.70 points or 0.00 percent.
The Nifty Smallcap 100 index closed at 17,507.25 after falling 93.80 points or 0.53 percent. There was selling in Nifty’s IT, Pharma, Media, Energy, Infra, PSC, Healthcare and Oil & Gas sectors. At the same time, there was buying in Auto, PSU Bank, Financial Services, FMCG, Metal, Realty and Private Bank sectors.
TCS, Infosys, NTPC, HCL Tech, Axis Bank, Tech Mahindra, Bajaj Finserv, Sun Pharma, IndusInd Bank and Reliance were the top losers in the Sensex pack. At the same time, Tata Steel, Hindustan Unilever Limited, Nestle India, M&M, SBI and Adani Ports were the top gainers. On the Bombay Stock Exchange (BSE), 1,617 stocks were trading in the green, 2,479 stocks in the red. At the same time, there was no change in 128 stocks.
Experts said that consolidation continued in the market. Slowdown in income growth and weak rupee due to inflation affected the sentiment. IT stocks reacted negatively due to low expectations of a Fed rate cut in December, which could delay spending in the BFSI segment. On the other hand, metal stocks gave up some gains after China decided to reduce tax exemptions on aluminium and copper.
Jatin Trivedi of LKP Securities has said that selling pressure will be limited due to the upcoming state elections in Maharashtra. He said, “Rupee witnessed strength, trading at 84.39 with a gain of Rs 0.08, supported by a weak dollar, which could not move above 107 and pulled back to 106.45. This minor support for the rupee got further weakened by the lack of FII selling activity in recent days.”
