The S&P BSE Sensex ended 352.67 points lower at 72,790.13, while the NSE Nifty50 fell 90.65 points to settle at 22,122.05.
Sensex and Nifty ended lower on Monday amid profit booking and weakness in IT stocks.
New Delhi,UPDATED: Feb 26, 2024 16:25 IST
Benchmark market indices ended the trading session on a weak note on Monday, dragged down by profit booking and a slump in information technology (IT) stocks.
The S&P BSE Sensex ended 352.67 points lower at 72,790.13, while the NSE Nifty50 fell 90.65 points to settle at 22,122.05. The majority of the broader market indices also ended in negative territory as volatility rose.
Most of the major sectoral indices fell during the session, with Nifty Bank ending over 0.5 per cent lower and Nifty Financial Services falling 0.28 per cent. However, Nifty IT emerged as the top drag, falling over 1.1 per cent. In total, nine of the 13 sectoral indices ended in the red.
The Nifty IT index fell as major tech firms were under pressure ahead of a key US inflation reading later this week, which may decide the future interest rate trajectory by the US Federal Reserve. In case inflation remains elevated, the US Fed could switch to a more hawkish rate stance.
The top five gainers on the Nifty50 were L&T, Power Grid, Adani Enterprises, Tata Consumer Products and SBI Life. On the other hand, the biggest losers were Asian Paints, Apollo Hospitals, Hindalco, Divi's Lab and Tech Mahindra.
Among individual stocks, Asian Paints came under pressure after Grasim Industries launched its paint business, Birla Opus, on Friday.
Meanwhile, shares of Alkem Laboratories fell sharply by over 6 per cent after the Income Tax department found it guilty of tax evasion to the tune of Rs 1,000 crore.
Shares of digital payments firm Paytm gained 5 per cent to hit an upper circuit after the Reserve Bank of India took additional steps to ensure that the firm continues to process digital payments.
Published By:
Koustav Das
Published On:
Feb 26, 2024
English (US) ·