The Nifty ended lower for the fifth consecutive session on Monday, with weakness in global cues putting pressure on domestic indices. The Nifty 50 closed below the 22,600 mark, down 243 points to 22,553, while the BSE Sensex fell 857 points, ending at 74,454.
The Nifty Bank and Midcap indices also saw substantial declines, with the Nifty Bank shedding 329 points to close at 48,652, and the Midcap Index falling 473 points to 50,013.
The major sectoral drag came from the IT and metal sectors, with the indices falling up to 2.7%. The Nifty IT index has now seen a downturn for 11 out of the last 12 sessions, reflecting ongoing weakness in the technology sector. The Nifty Metal index also ended in the red, tracking declines in global metal prices.
While most sectors were in the negative, Pharma and FMCG stocks showed resilience. The FMCG sector saw a gain after 15 consecutive sessions of declines, with several blue-chip FMCG stocks seeing modest gains. On the flip side, stocks like BPCL and Britannia ended in the red after being excluded from the Nifty 50 index in the upcoming semi-annual reshuffle.
EPL saw the most significant decline, falling more than 8% after promoters decided to sell a stake in the company. Oil and gas stocks also faced pressure, with ONGC down over 2%, following a drop in Brent crude oil prices below the $75 per barrel mark.
Shares of NTPC Green Energy fell by 7% to trade below the ₹100 mark, as the lock-in period for its shares expired, leading to increased selling pressure. Meanwhile, 360 ONE Wam and Bajaj Housing Finance were among the gainers, ending in the green following their inclusion in the FTSE India index.
The overall market breadth remained negative, with decliners outnumbering advancers by a ratio of 3:1, reflecting widespread selling across sectors. Investors are continuing to focus on global cues, with concerns over global economic conditions and rising geopolitical tensions weighing on sentiment.
