Thirty eight out of Nifty50 stocks closed in the negative zone
Falling for a third consecutive session, domestic stocks markets closed in the red on Monday. The S&P BSE's benchmark index Sensex finished 156.28 points, or 0.43 per cent, lower at 35,853.56, while the NSE Nifty ended at 10,737.60, 57.35 points or 0.53 per cent lower from Friday's close. Top drags on the Nifty50 were Wipro, GAIL, Indiabulls Housing Finance, Tech Mahindra, L&T closing between 4.93 per cent and 2.56 per cent lower. Thirty eight out of 50 stocks closed in the negative zone. L&T, IndusInd Bank, Vedanta, Power Grid Corporation were the major laggards on the 30-share Sensex.
Here are 10 things to know:
- Sensex touched an intraday low of 35,691.75 whereas Nifty fell as much as 10,692.35.
- Except for Nifty Pharma, all the sectoral indices closed in the negative. Nifty Financial Services and Nifty Metal closed 0.86 per cent and 1.07 per cent lower, respectively.
- Stock market movement will be driven by announcement of macroeconomic data and quarterly earnings of blue-chip companies this week, say analysts.
- "Results are not very clear, near term. With elections approaching, I think there is not much confidence in the market to carry forward long positions," news agency Reuters quoted Krish Subramanyam, co-head, equity advisory, Altamount Capital, as saying.
- "Traders are cautious, global factors will always have an influence on our market, but domestically results are coming out, banks are losing ground, so we are waiting for further hints."
- Wholesale inflation eased to an eight-month low of 3.80 per cent in December, according to government data. It will announce the Consumer Price Index (CPI) data later in the day.
- Yes Bank was the major advancer on both the stock exchanges. The private sector lender finished at Rs 195.40, up 6.22 per cent, on the BSE.
- Infosys helped trim losses on the broader index, with shares finishing the day 2.6 per cent higher at Rs 701.30 after the IT major raised its revenue forecast and announced a buyback.
- Shares of Jet Airways jumped over 18 per cent after a report that Chairman Naresh Goyal was likely to step down from the board of the embattled company. Shares closed at Rs 293.40, 15.67 per cent higher, on the NSE.
- On a net basis, foreign portfolio investors (FPIs) sold shares worth Rs 687.20 crore on Friday, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 123.17 crore, provisional data available with NSE showed. (With agency inputs)
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