The Indian equity market ended lower for a third straight session on Monday amid slowdown concerns and political uncertainty in the US. The 50-share broader NSE Nifty closed 0.84 percent lower at 10,663.50, while the BSE Sensex ended down 0.76 percent at 35,470.15. Both indexes posted their worst closing levels since December 11.
Financial stocks were the biggest drag on indexes, with Housing Development Finance Corp. and HDFC Bank Ltd closing down 2.2 percent and 1.3 percent, respectively. In fact, financials contributed more than 50 percent to the Nifty fall. IT stocks such as Tata Consultancy Services and Infosys provided support to the bulls, keeping losses in check.
Oil marketing companies also came under pressure despite global crude oil prices softening. Among sectoral indexes, metals and realty stocks dipped the most, while IT names gained.
(Market update as of close)
Market trades volatile; metal, auto stocks among top laggards
The Indian market traded volatile on Monday, tracking weak cues from global markets, ahead of the expiry of December futures and option on Thursday. The Sensex was trading at 35,733, down by 9 points, or 0.03 percent, while the Nifty was trading lower by 10 points, or 0.09 percent, at 10,743 at 1 pm.
Broader markets turned positive although both the Nifty MidCap and BSE MidCap were only mildly up by 0.01 percent and 0.03 percent, respectively.
In the mid-cap space, Havells, Divis Lab, Edelweiss, Voltas, Page Industries, TVS Motor dragged indexes, while M&M Finance and Federal Bank provided support.
Only 5 sectors advanced against 38 declining indexes. Nifty Realty plunged the most by 2.14 percent. Nifty Media and BSE Metal were other major losing sectoral indexes.
Among top index losers, Hero MotoCorp fell nearly 4 percent, JSW Steel 3.5 percent, Bajaj Auto 2.7 percent, ZEEL dipped 2.37 percent. Asian Paints, Vedanta and HDFC Bank were other major losers.
IT and pharma stocks were among top index gainers with Tata Consultancy Services shares surging well over 1.6 percent. Wipro, Infosys, Sun Pharma, ITC and Adani Ports were other major gainers.
Shares of PVR, Inox Leisure rose as the Goods and Services Tax Council on Saturday reduced tax rates on movie tickets above Rs 100 to 18 percent from 28 percent.
Hero MotoCorp shares dipped after Goldman Sachs downgraded the stock to 'sell' from 'neutral.' The brokerage firm also slashed its target price sharply by 12.66 percent from Rs 3,175 to Rs 2,773.
The rupee traded at 70.20 against the US dollar at 12.05 pm. Earlier, the home currency opened a tad higher, helped by muted US dollar and easing global crude oil prices.
Asian shares were largely trading weak with Hong Kong's Hang Seng lower by almost half a percent. South Korea's Kospi also was lower by 0.30 percent.
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