Sensex ended 87 points lower; Pull financial stock

The equity benchmark Sensex fell by 87 points on Monday amid a weak trend in global markets, leading to losses in the index major HDFC Bank, ICICI Bank and Reliance Industries.

The 30-share BSE index closed down 86.95 points or 0.17% at 49,771.29. The broader NSE Nifty fell 7.60 points or 0.05% to close at 14,736.40.

IndusInd Bank was around the top 4% in the Sensex pack, followed by PowerGrid, ICICI Bank, HDFC Bank, Axis Bank and Bajaj Finance.

On the other hand, Tech Mahindra, TCS, Sun Pharma, Infosys and HCL Tech were among the beneficiaries.

Binod Modi, Head – Strategy, Reliance Securities, said, “The increase in COVID-19 cases in different parts of the country has reduced domestic worries and impacted investor sentiment.”

In addition, weak global cues and high US bond yields kept markets nervous.

However, the IT, FMCG and pharma space saw strong buying, while selling pressure was seen in financials and automobiles.

“In particular, investors outperformed quality midcap and small cap stocks following recent improvements in these space,” he said.

Elsewhere in Asia, nutrition was in red in Hong Kong, Seoul and Tokyo, while Shanghai ended on a positive note.

Stock exchanges in Europe were also trading on a weak note in mid-session deals.

Meanwhile, global oil benchmark Brent crude was trading 0.20% down at US $ 64.40 a barrel.