Sensex Ends 87 Points Lower; Financial Stocks Drag Amid Weak Trend in Global Markets

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Equity benchmark Sensex declined 87 points on Monday, tracking losses in index majors HDFC Bank, ICICI Bank and Reliance Industries amid a weak trend in global markets. The 30-share BSE index ended 86.95 points or 0.17 per cent lower at 49,771.29. The broader NSE Nifty dipped 7.60 points or 0.05 per cent to 14,736.40.

IndusInd Bank was the top loser in the Sensex pack, shedding around 4 per cent, 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 gainers.

“Domestic equities traded lower as mounting concerns pertaining to rise in COVID-19 cases in various parts of the country and resultant restrictions continued to weigh on investors sentiments,” said Binod Modi, Head – Strategy at Reliance Securities. Further, weak global cues and higher US bond yields kept markets nervous.

However, strong buying was seen in IT, FMCG and pharma space, while financials and automobiles witnessed selling pressure. “Notably, investors lapped-up quality midcap and small cap stocks after recent corrections in these spaces,” he added.

Elsewhere in Asia, bourses in Hong Kong, Seoul and Tokyo were in the red, while Shanghai ended on a positive note. Stock exchanges in Europe were also trading on a weak note in mid-session deals.

Meanwhile, the global oil benchmark Brent crude was trading 0.20 per cent lower at USD 64.40 per barrel.

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