Sensex, Nifty Snap Three-Day Winning Streak; Broader Markets Outperform
Options Expiry Day Volatility Drags Markets
Indian equities snapped a three-day winning streak, ending lower on the weekly options expiry session. Weakness was witnessed across the board, especially in banking and metal stocks.
The S&P BSE Sensex ended 1.1% lower at 50,846 while the NSE Nifty 50 declined 1.1% to end at 15,080. While the Sensex recovered 300 points, the Nifty recovered 100 points from their respective day's low.
Selling pressure was witnessed among all sectoral indices, barring the Nifty Media index, which ended as the only sectoral gainer in today's session. The index ended with gains of 1.6%.
The Nifty metal index was the top sectoral laggard, ending with losses of 2%. Three out of the top four Nifty laggards were Metal stocks.
Banking stocks were the other underperformers in today's session. The Nifty Bank fell over 550 points or 1.5% to end below the 36,000 mark while the PSU Bank index fell 0.7%.
Most of the other sectoral indices ended little changed or with a negative bias.
Broader markets not only outperformed the benchmarks in today's session but also ended higher. The Nifty Midcap index gained 0.5% while the Smallcap index rose 1.2% by the close of trading.
After a three-day drop, the India Volatility Index ended 9.3% higher at 24.15.
1,022 stocks on the NSE ended with gains while 862 stocks ended lower.