Stock Market Closing: Nifty ends near 17,100, Sensex drops 85 points; IT, auto, consumer durable stocks worst hit

After declining nearly one per cent in the opening trade, the Indian markets were seen paring most of the losses as benchmarks closed with marginal cuts of 0.15%. The broader Nifty closed near 17,100, while the Sensex settled around 57,000-mark on Monday. The recovery was led by banking and metal stocks. The 12-share Nifty Bank added nearly 100 ointsa s the banking index closed above 36,100.  

In the broader market, Nifty mid cap and small cap indices slipped between 0.5 to 1.3% as India VIX zoomed past 20-markin the closing on Monday.  

"Markets opened gap down on the back of weak global cues ahead of the FOMC meet but managed to recoup most of the losses as factory output for April improved sequentially amidst input cost inflation," said S Ranganathan, Head of Research at LKP securities. 

Banks led the recovery on expectations of higher credit growth this fiscal and the broader markets despite being a bit sluggish ahead of a trading holiday tomorrow witnessed accumulation in select pockets like standalone refineries and hospitality, he added. 
 

Sector-wise, buying interest was seen in banking, metal, media, realty and financial services stocks, while IT, auto and consumer durable stocks dragged the market the most.  

Among stocks, IndusInd Bank, Coal India, Tata Steel, Power Grid, ITC, HDFC, HDFC Bank, Ultratech Cements, Nestle India and Bharti Airtel were among top gainers on Monday.  

Similarly, Apollo Hospitals, Bajaj Auto, Eichers Motors, Titan, tech Mahindra, Infosys and Wipro were among top losers.