Equity markets traded lower on Monday, extending the previous day’s fall, with the Sensex and Nifty down 1 per cent, mirroring an extremely weak trend in Asian markets. At close, the Sensex was down 617.26 points or 1.08 per cent at 56,579.89, and the Nifty was down 218.00 points or 1.27 per cent at 16,954.00. About 1008 shares have advanced, 2435 shares declined, and 136 shares are unchanged.
Coal India, BPCL, Tata Steel, Hindalco Industries and SBI Life Insurance were among the top Nifty losers while gainers included Bajaj Auto, ICICI Bank, HDFC Bank, Maruti Suzuki and HDFC.
Except bank, all other sectoral indices ended in the red with auto, capital goods, FMCG, healthcare, IT, power, metal, oil & gas, realty down 1-4 per cent. BSE midcap and smallcap indices lost nearly 2 per cent each.
Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi Shares & Stock Broker, said: “Indian equity benchmarks opened in red following weak trade in Asian market peers as global sell-off triggered by aggressive US Fed tightening and China covid fears. During the afternoon session markets failed to erase losses and traded at days low as sentiments were fragile as India’s crude oil import bill nearly doubled to $119 billion in the fiscal year that ended on March 31, as energy prices soared globally following the return of demand and war in Ukraine. Additional pressure came in as private report cut India’s 2022-23 economic growth forecast by 70 basis points to 7 per cent, citing slowing global growth due to high commodity prices, and weak local demand because of energy price hikes, inflationary pressures and a struggling labour market.”
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