Closing Bell: Nifty below 17,250, Sensex sheds nearly 150 points; banking stocks shine in volatile market
Continuing with its losing streak, the Indian market closed lower for the fourth consecutive session on Monday amid Russia-Ukraine tension and inflation concerns.
Continuing with its losing streak, the Indian market closed lower for the fourth consecutive session on Monday amid Russia-Ukraine tension and inflation concerns. The Nifty50 slipped below 17,200, while the Sensex too gave up 58,000. The two indices closed Monday at 17,206.65 and 57,683.59 respectively amid volatility. However, Bank Nifty added nearly 100 points to close above 37,000.
"There are strong headwinds for the market arising from Ukraine tensions and monetary tightening by the Fed expected from March onwards. Adding to these headwinds there are concerns specific to India like sustained FII selling and rising crude. Investors may wait till clarity emerges on the Ukraine front. March is likely to be an event filled month with state election results, Fed meet and LIC IPO," said V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
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Meanwhile, all broader market indices turned negative on Nifty, while Nifty Bank and Private Bank showed some resilience as other sectoral indices ended in deep red on Monday with metal, media taking the maximum hit.
Wipro, Infosys, Power Grid, Shree Cement, ICICI Bank, HDFC Bank, Maruti, Axis Bank Nestle India and HCL Tech were among gainers in an otherwise a weak market.
Hindalco, SBI Life, UPL, Divis laboratories, Adani Ports, Sun Pharma, TCS, tech Mahindra, ITC and Titan were among top losers.
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03:36 PM IST