Closing Bell: Nifty slips below 17,700, Sensex drops nearly 500 points; IT stocks top laggards

The Indian market closed lower on the first session of the week amid negative global cues on Monday. The broader Nifty50 slipped below 17,700 and the Sensex shed more than 400 points, tracking their global peers. The benchmarks ended 0.6% and 0.8% lower to 17,674.95 and 58,964.57a respectively as investors kept close watch on inflation data and Q4 earnings of India Inc on Monday.  

However, Nifty Midcap and small cap indices outperformed the benchmarks as the formed closed with gains of more than 0.5% and the latter ended flat in an otherwise weak market.  

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Sectorally, pressure was seen on IT, banking and financial stocks, while media and metal shares rose the most.  

The 12-share Bank Nifty too closed more than 100 points lower as the banking index closed near 37, 600.  

Among stocks, Grasim, Adani Ports, Cipla, JSW Steel, Apollo Hospitals, ICICI Bank, NTPC, UltraTech Cement, TCS and Maruti were among top gainers on Monday.  

HCL Tech, Infosys, L&T, Wipro, Asian Paints, HDFC, HDFC Bank, Dr Reddy's, Hindustan Unilver and Tata Steel dropped the most on Monday.