Profit booking in stock market, Sensex slipped 452 points
Mumbai: Indian stock markets closed in the red on Monday’s trading session. The reason for the decline in the market is believed to be profit booking in large cap stocks. At the end of trading, the Sensex was down 452.44 points or 0.54 percent at 83,606.46 and the Nifty was down 120.75 points or 0.47 percent at 25,517.05.
This decline in the Indian stock market has come after four consecutive sessions of gains. However, it was limited to large caps. Midcaps and small caps saw a rise. The Nifty Midcap 100 index closed at 59,741.20 with a gain of 356.05 points or 0.60 percent and the Nifty Smallcap 100 index closed at 19,075.10 with a gain of 98.30 points or 0.52 percent. On a sectoral basis, IT, PSU Bank, Pharma, Media, Energy and PSE indices ended in the green. Auto, Financial Services, FMCG, Realty and Private Bank indices ended under pressure.
Trent, SBI, BEL, Eternal (Zomato), Adani Ports, Bajaj Finserv, Titan, TCS, Tech Mahindra, Tata Motors and HCL Tech were the top gainers in the Sensex pack. Axis Bank, Kotak Mahindra Bank, Maruti Suzuki, UltraTech Cement, ICICI Bank, Bajaj Finance and Tata Steel were the top losers.
Vinod Nair, Head of Research, Geojit Financial Services said global sentiment is turning positive due to easing tensions in the Middle East and expectations of a trade deal with the US, but Indian markets have paused after the recent rally.
He further said investors are now focusing on upcoming corporate earnings, with mid- and small-cap stocks looking strong in anticipation of better results due to consumer demand and better margins.
Meanwhile, the India VIX, which gauges market volatility, rose 3.2 per cent to close at 12.78. The rupee was down 0.21 per cent at around 85.70 against the dollar as weakness in equity markets and the recent rally in the rupee prompted profit-booking and long-term exits.
Indian benchmark indices opened flat amid positive global cues. At around 9.27 am, the Sensex was trading 1.35 points higher at 84,057.55, while the Nifty was up 6.50 points, or 0.03 per cent, at 25,644.30.
