Indian stock markets ended lower on Monday, with the Sensex falling 876 points and the Nifty 50 closing below 23,000, according to media reports. Selling in private sector banks and information technology stocks weighed on investor sentiment.
The BSE Sensex fell 876.37 points, or 1.17%, to close at 73,852.90. The NSE Nifty 50 declined 257.20 points, or 1.11%, to settle at 22,888.95.
The decline followed a recovery in the previous week. Investors reportedly booked profits in major stocks, while concerns over quarterly earnings, crude oil prices and global market conditions added to the cautious mood.
Private sector banks were among the biggest losers. Axis Bank shares fell 4.15%, while HDFC Bank declined 2.72%. Yes Bank dropped 2.63% and Kotak Mahindra Bank lost 1.87%.
HDFC Bank reported a 4.7% year-on-year rise in net profit to Rs 19,510 crore for the September quarter. However, a decline in its net interest margin and higher expenses reportedly weighed on sentiment. Axis Bank’s standalone net profit of Rs 7,003 crore was slightly below analysts’ expectations.
The Nifty IT index fell 1.28%, while several other sectoral indices also ended lower.
Public sector banks bucked the trend, with the Nifty PSU Bank index gaining 2.46%. Punjab National Bank rose 4.8%, while Union Bank of India gained 5.3%, according to media reports.
The India VIX, a measure of expected market volatility, rose 4.48% to 14.69.
Investors are expected to monitor corporate earnings, crude oil prices and global developments for further direction.
