Sensex, Nifty Decline For The Fifth Day Led By I.T., Pharma
A Weak Close But Off Day's Lows
Indian equities ended lower for the fifth straight day as benchmark indices looked for support at lower levels. Highest addition to new Covid-19 cases in the last three months, a spike in U.S. bond yields and volatility related to the weekly options expiry kept sentiment risk-off.
The S&P BSE Sensex ended 1.2% lower at 49,216 while the NSE Nifty 50 fell 1.1% in today's session to end at 14,557. The Sensex has declined over 2,000 points over the last five trading sessions while the Nifty has seen a correction of over 600 points.
Losses in today's session were led by technology stocks along with drugmakers. The Nifty I.T. index was the top sectoral laggard, ending 3.1% lower while the Nifty Pharma index declined 2.3% at the close of trading. The PSU Bank index fell 1% while the Nifty Bank saw losses of 1.1% after a brief recovery from the day's low.
The Realty index too saw losses of 1.5%. FMCG and Metal indices managed to end little changed.
Broader markets fell in-line with the benchmark indices. The Nifty Midcap index fell 1.4% while the Smallcap index declined 1.3% at the close of trade.
The India Volatility Index ended little changed for the second day in a row, at 20.08.
1,462 stocks on the NSE ended with losses while 444 managed to buck the trend and close higher.