Indian shares fell for the fourth straight session to end over 1.5 percent lower on Monday as banking stocks tumbled on mixed expectations for an upcoming interest rate decision. Meanwhile, surging domestic coronavirus cases also dented the sentiment.
The Sensex ended 667 points lower at 36,939 while the Nifty lost 182 points to settle at 10,891. Index heavyweights RIL, HDFC twins, and Kotak Bank were the biggest contributor to the losses.
RBI, which has cut its key policy rate twice this year to soften the impact of the pandemic on a slowing economy, is expected to announce its monetary policy decision later this week.
Nifty Bank lost 2.4 percent in trade today while Nifty Fin sErvices was also down 2.2 percent. IT and auto indices also lost over half a percent. However, Nifty Metal ended the day in green, up 0.24 percent.
Broader markets also outperformed benchmarks with Nifty Smallcap index up 1 percent and Nifty Midcap flat for the day.
Tata Motors, Titan, Tata Steel, BPCL, and Eicher Motors were the top gainers on the Nfty50 index while UPL, IndusInd Bank, HDFC Life, Kotak Bank, and ONGC led the losses, down 3.5-5.5 percent.
Among individual stocks, Tata Motors jumped 7 percent after the automaker reported better than expected June quarter earnings and brokerages remained bullish on the stock.
Titan also rose over 3.5 percent after Gold prices hit a record high globally as well as in Indian markets.
Bandhan Bank declined over 10 percent after promoters sold 20.57 percent equity of the bank worth Rs 10,482 crore.
First Published: IST