Sensex, Nifty End Lower; Nifty Bank Falls 800 Points
Closing Bell: A Weak Close
Indian equity markets began the first day of the July series expiry week on a negative note, ending with losses after trading in a range for most of the day.
The S&P BSE Sensex ended 0.5% lower at 37,934 while the NSE Nifty 50 index ended 0.6% lower at 11,128.
Among the sectoral indices, the Nifty Bank index was the top laggard in today's trade - ending 3.6% or over 800 points lower. All major private lenders - ICICI Bank (down 6%), HDFC Bank (down 3.5%), Axis Bank (down 3%) and IndusInd Bank (down 3%) contributed to the losses.
The PSU Banking index too ended with losses of 3.1%.
Other sectoral indices that declined included the Nifty Pharma and Nifty Realty, both of which fell 1.7%.
Broader markets underperformed in today's trade. The Nifty midcap index ended 1.3% lower while the smallcap index ended 0.6% lower.
I.T. outperformed in today's session as well with the Nifty I.T. index ending with gains of 2%.
The India Volatility Index snapped a two-day losing streak - ending 2% higher at 25.
Market breadth ended in favour of the laggards. 1,310 stocks on the NSE posted losses while 538 stocks advanced.