Mumbai: After rising for four straight sessions, the Indian stock markets took a breather on Monday as investors booked profits amid the absence of strong domestic cues.
The Sensex dropped 452 points, or 0.54 per cent, to close at 83,606.46. During the day, it moved between an intra-day high of 84,099.53 and a low of 83,482.13.
Nifty also followed suit. The 50-share index opened at 25,661.65, touched a high of 25,669.35, and closed at 25,517.05, down by 120.75 points or 0.47 per cent.
In contrast, the broader markets performed better. The Nifty Midcap100 rose 0.6 per cent while the Nifty Smallcap100 gained 0.52 per cent — indicating continued investor interest in mid- and small-cap stocks.
Among the Sensex stocks, Axis Bank, Kotak Mahindra Bank, Maruti, Bajaj Finance, Reliance Industries, Tata Steel, and Bharti Airtel were among the top losers.
On the gaining side, Trent, State Bank of India, Bharat Electronics, Titan, Bajaj Finserv, and Eicher Motors saw buying interest.
Sector-wise, performance was mixed. PSU banks led the gains with the Nifty PSU Bank index jumping 2.66 per cent.
Stocks like Maharashtra Bank, Punjab National Bank, Bank of Baroda, Union Bank of India, Canara Bank, UCO Bank, Indian Bank, and Punjab & Sind Bank recorded notable gains.
Other sectors like IT, Consumer Durables, Pharma, Healthcare, Media, and Energy also ended in the green.
However, some major sectors saw losses. Nifty Auto, Bank, Financial Services, FMCG, Metal, Realty, Private Bank, and Oil & Gas indices ended lower.
Vinod Nair, Head of Research at Geojit Financial Services, said that while global sentiment is turning positive due to easing tensions in the Middle East and hopes of a US trade deal, Indian markets took a pause after the recent rally.
He added that investors are now focusing on upcoming corporate earnings, with mid- and small-cap stocks showing strength in anticipation of better results driven by consumer demand and improved margins.
Meanwhile, the India VIX, which measures market volatility, rose by 3.2 per cent to settle at 12.78.
Rupee traded weak near 85.70, down by 0.21 per cent, as capital market weakness and recent rupee gains prompted profit booking and long unwinding.
“The pressure came ahead of a crucial week marked by key US data releases and the end of the 90-day extended tariff deadline. Rupee is expected to remain volatile within a range of 85.35 to 86.00,” Jateen Trivedi of LKP Securities stated.
(IANS)
