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Closing Bell: Sensex, Nifty slump on expiry day; mid and smallcaps outperform

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The 30-scrip Sensex closed at 59,063, as it slumped 349 points and the Nifty50 index slipped 115 points to end at 17,595. The broader markets outperformed the benchmarks as both mid-caps and small-caps rallied a over half a percent higher. 

Closing Bell: Sensex, Nifty slump on expiry day; mid and smallcaps outperform
The Indian equity benchmark indices slumped over half a percent Thursday as media, metal, and financial stocks witnessed selling pressure ahead of the monthly expiry of derivative contracts. However, the shares were on course for a fifth straight monthly rise.
The 30-scrip Sensex closed at 59,126, as it slumped 286 points and the Nifty50 index slipped 93 points to end at 17,618. The broader markets outperformed the benchmarks as both mid-caps and small-caps rallied a over half a percent higher.
Among the 50 stocks on Nifty, Bajaj Finsev, Bajaj Finance, NTPC, SBI Life, and Tata Motors lead the gains, as each scrip rose over 1 to 2 percent higher. Leading the losses were Power Grid, Asian Paints, Eicher Motors, Axis Bank, and Hero MotoCorp.
Among sectors on NSE, a strong rally was seen realty and consumer durable shares. Nifty Pharma and PSU Banks also closed the day in the green. However, Nifty Media and Metal slipped 1 percent, followed closely by Nifty Bank. Nifty Auto, Financial Services, and IT slumped over half a percent.


Indian equities have gained over 3 percent so far this month as accommodative monetary policy and easing COVID-19 restrictions kept investor sentiment underpinned.
However, concerns about a global economic recovery, heightened expectations of tighter US monetary policy, and risks from a power crunch in China and a possible default by debt-laden China Evergrande checked the advance of equities towards the end of the month.
Public sector banks advanced as much as 3 percent, driven by a 16 percent surge in Indian Overseas Bank after the country's central bank took it out of the prompt corrective action framework over an improvement in its financial profile.
Real estate stocks rose about 1 percent, with Oberoi Realty jumping over 3 percent to lead gains on the sub-index. Energy stocks, however, declined after three straight sessions of gains, with ONGC leading the losses.
Zee Entertainment pulled the media index lower as it fell 1 percent after its top shareholders approached NCLT asking the company to hold an extraordinary general meeting.
With inputs from Reuters


 
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