The BSE benchmark Sensex ended Monday's volatile session on a negative note led by losses in the FMCG stocks.
The broader Nifty also closed on a weak note for the second day on the back of selling pressure witnessed by heavyweights like Bharti Airtel, HUL, ITC and ICICI Bank.
Monday's session saw very high volatility. The Nifty touched intra-day low of 8,751 and high of 8,840. Likewise, Sensex touched high of 29,268 and low of 28,958.
The broader markets outperformed the benchmark indices as the BSE mid-cap and small-cap indices closed higher by 0.6 and 1 per cent each respectively.
Meanwhile, the banking stocks which opened on a negative note recovered on hopes of a rate cut by the Reserve Bank of India at the monetary policy which is due tomorrow. The NSE banking index Bank Nifty which touched low of 19,564.50 jumped 301 points from the low levels to close at 19,865.90.
The FMCG stocks witnessed heavy selling pressure. United Spirits, HUL, ITC, Colgate Palmolive and Nestle India closed in the negative zone. Metal and oil & gas stocks also witnessed some amount of profit booking.
From the Nifty basket, Asian Paints was the top loser. The stock closed weaker by 6 per cent at Rs 809. Bharti Airtel, Dr Reddy's Labs, Jindal Steel, ACC, HUL, Bank of Baroda, ICICI Bank and ITC ended on a weak note. While, HCL Technologies, Axis Bank, Hindalco, Wipro and kotak Mahindra Bank were among the gainers.
The overall breadth on the BSE was marginally positive as 1,622 stocks advanced while 1,288 declined.
The 30-share Sensex closed lower by 61 points to settle at 29,122 and the Nifty ended weaker by 11 points at 8,797.
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