Indian equity markets closed lower on Monday, with both benchmark indices ending in the red as selling pressure was seen across key sectors. Investors remained cautious amid global and domestic cues, while heavy selling in major information technology (IT) stocks added to the pressure on the market.
At the close of trading, the BSE Sensex fell 281.09 points, or 0.36 percent, to 77,728.16. The NSE Nifty 50 declined 78.35 points, or 0.32 percent, to 24,287.65. Both benchmark indices remained under pressure through the session after opening lower.
The Indian stock market also started Monday's session on a weak note. Banking, IT, auto and realty stocks came under pressure in early trading. Although buying emerged in some stocks during the day, it was not enough to offset the broader weakness.
At the close, only 7 of the 30 Sensex constituents ended higher, while 23 declined. Among Nifty 50 constituents, 18 stocks closed higher and 31 declined. Shriram Finance ended unchanged.
Infosys recorded the steepest decline among the major IT stocks, with its shares falling about 2.66 percent. HCLTech declined about 2.53 percent, TCS fell 1.87 percent and Tech Mahindra declined about 1.77 percent.
The simultaneous decline in major IT stocks added to the pressure on the benchmark indices. India's IT sector depends substantially on business from overseas markets, particularly the United States and Europe. Changes in global demand, technology-sector growth and investors' risk-taking trends can affect these companies' shares.
Tata Steel was among the top Sensex gainers, with its shares rising 1.47 percent. Axis Bank gained 1.03 percent, Reliance Industries rose 0.80 percent, Bharat Electronics Limited (BEL) increased 0.49 percent and HDFC Bank advanced 0.36 percent.
Larsen & Toubro (L&T) rose 0.33 percent, while Bajaj Finance gained 0.21 percent. Buying in these selected large-cap stocks was not enough to prevent the Sensex and Nifty from closing lower amid broader market weakness.
Among other major stocks, Sun Pharma declined about 2.20 percent. ITC fell about 1.57 percent, Trent declined 1.34 percent and NTPC ended about 1.20 percent lower.
Hindustan Unilever fell 1.15 percent, while Bharti Airtel and Mahindra & Mahindra declined about 1.13 percent each. Bajaj Finserv also fell more than 1 percent.
Other major decliners included IndiGo, UltraTech Cement, Asian Paints, Maruti Suzuki, SBI, Kotak Mahindra Bank, Titan, Power Grid and Adani Ports. ICICI Bank also recorded a marginal decline.
