Closing Bell: Nifty below 17,250, Sensex sheds nearly 150 points; banking stocks shine in volatile market
Continuing with its losing streak, the Indian market closed lower for the fourth consecutive session on Monday amid Russia-Ukraine tension and inflation concerns.
Continuing with its losing streak, the Indian market closed lower for the fourth consecutive session on Monday amid Russia-Ukraine tension and inflation concerns. The Nifty50 slipped below 17,200, while the Sensex too gave up 58,000. The two indices closed Monday at 17,206.65 and 57,683.59 respectively amid volatility. However, Bank Nifty added nearly 100 points to close above 37,000.
"There are strong headwinds for the market arising from Ukraine tensions and monetary tightening by the Fed expected from March onwards. Adding to these headwinds there are concerns specific to India like sustained FII selling and rising crude. Investors may wait till clarity emerges on the Ukraine front. March is likely to be an event filled month with state election results, Fed meet and LIC IPO," said V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
See Zee Business Live TV Streaming Below:
Meanwhile, all broader market indices turned negative on Nifty, while Nifty Bank and Private Bank showed some resilience as other sectoral indices ended in deep red on Monday with metal, media taking the maximum hit.
Wipro, Infosys, Power Grid, Shree Cement, ICICI Bank, HDFC Bank, Maruti, Axis Bank Nestle India and HCL Tech were among gainers in an otherwise a weak market.
Hindalco, SBI Life, UPL, Divis laboratories, Adani Ports, Sun Pharma, TCS, tech Mahindra, ITC and Titan were among top losers.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
PM Modi has invested in this post office scheme; know his total worth as per Lok Sabha elections 2024 affidavit
SRH vs GT IPL 2024 Ticket Booking Online: Where and how to buy SRH vs GT tickets online - Check IPL Match 66 ticket price, other details
Top 7 SWP Mutual Funds: Rs 50 lakh investment, Rs 70K monthly pension for 10 years, and Rs 42.30 lakh balance value; know more details
Gold and Silver rate today (May 13, 2024): Precious metal under pressure; yellow metal near Rs 72,400, white metal above Rs 84,600
SIP Returns: How Rs 3,000, 5,000, and Rs 10,000 SIPs can help you build retirement corpus of Rs 1.06 cr, Rs 1.77 cr, and Rs 3.53 cr
TBO Tek IPO Listing LIVE Update: Bumper Debut! Share list at 55% premium - Buy, sell or hold? Check Anil Singhvi's view
03:36 PM IST