Financial Stocks Cause Indian Benchmark Indices to Close Monday in Red

The Indian benchmark indices have made a poor start to the week as both NSE Nifty 50 and S&P BSE Sensex closed Monday in negative territory. However, the losses recorded today are not significant as the indices closed nearly flat. The financial stocks led the fall in the indices as the markets were volatile throughout the day. 

The financial stocks made the indices to give up all the gains that were recorded in the early part of the day and resulted in the indices ending Monday in the red. HDFC duo and ICICI Bank led the losses, while HDFC lost the most. IT and auto stocks provided the support for the indices. 

The BSE Sensex tanked 0.26% or 81.48 points to end the day at 31,561.22 levels. 16 of the 30 stocks constituting the BSE Sensex index dropped while the remaining 14 gained. Hero MotoCorp emerged as the top gainer by shooting up more than 6% while ICICI Bank lost 5%, the most by any Sensex stock. 

The midcap stocks had a good at the office as they outperformed the market. The S&P BSE MidCap index shot up 0.65% to touch the mark of 11,498 levels while the S&P BSE SmallCap index closed Monday at 10,628 points, down by 0.10%. The NSE Nifty 50 closed Monday 0.13% or 12 points lower. It ended the day at 9,239 levels. 

Also Read: Sensex Makes a Poor Start to the Week, Drops Nearly 6%

Coming to the sectors, the auto stocks rallied to push the NSE Nifty Auto index to end the day 4% higher. It closed at 5,680 points. On the other hand, the BSE Nifty Bank lost more than 2% to end Monday at 18,950.5 levels. The NSE Nifty Private Bank index settled Monday 2% lower at 10,379.25 points. 

The IRCTC broke the upper circuit at Rs 1,302.8 a share on the Bombay Stock Exchange (BSE) on the back of the government announcement of the resumption of the railway operations from the 12th of May. 

For any clarifications/feedback on the topic, please contact the writer at vineeth.nc@cleartax.in