Closing Bell: Markets decline continues for 4th session in row; Sensex falls over 1100 points, Nifty50 slips 300 points dragged by IT, financials

Declining for the fourth straight session, the Indian markets witnessed massive selling pressure to close negative on Monday. BSE Sensex closed over 1170 points, while Nifty50 settled below the 17200-mark, dragged by information and Technology stocks along with banking and financials. 

At the market close, Sensex slipped over 1172 points or 2 per cent to 57116, while Nifty50 tumbled 302 points or 1.73 per cent to 17173 levels at the close. Following the benchmarks suite, even mid and small-cap from broader markets slipped over 1 per cent each at the market close. 

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The 12-share Nifty Bank was one of the biggest contributors to Nifty’s fall, as it slipped over 734 points or 1.96 per cent to 36,729 levels at the close.

As many as 25 stocks declined and 25 gained on the Nifty50 at the close. NTPC surged most by over 6 per cent to become the top gainer amid heavy volumes, followed by Life Insurance stocks such as SBI Life and HDFC Life each surged around 2 per cent in an otherwise weak market.

Tata Steel shares jumped around 1.5 per cent on the back of stock split news, and Maruti shares also closed nearly 1.5 per cent on the price hike announcement on Monday.

On the contrary, IT major Infosys became the top loser as the stock slumped over 7 per cent at the close after reporting lower-than-estimated Q4 numbers. Similarly, HDFC twins – HDFC and HDFC Bank ended over 4.5 per cent lower after the former reported below estimated Q4 earnings.

Except for Nifty Auto, FMCG and Metal all other indices closed in the red. Nifty IT plunged most by over 4.5 per cent, dragged by Infosys, followed by bank and financial sectors, dragged by HDFC twins.