- Sensex fell 442.93 points to settle at 77,708.52, while Nifty dropped 95.80 points to 24,238.50.
- Banking stocks HDFC Bank and Axis Bank dragged markets: Axis Bank dropped 5.48% and HDFC Bank declined 5.12%.
- India stocks closed lower on Monday with the Nifty 50 declining 0.39% and the BSE Sensex 30 falling 0.57%.
- Losses were led by the Fast Moving Consumer Goods, Healthcare, and Banking sectors.
- Other laggards included Maruti, Kotak Mahindra Bank, Infosys, Tata Consultancy Services, Mahindra & Mahindra and Bharat Electronics.
Indian stock markets faced a downturn on Monday, with the Sensex falling by 442.93 points to close at 77,708.52 and the Nifty slipping 95.80 points to 24,238.50. The decline was largely attributed to significant losses in major banking stocks, particularly HDFC Bank and Axis Bank, which dropped 5.12% and 5.48% respectively.123458
The Chief Investment Strategist at Geojit Investments, V K Vijayakumar, noted that HDFC Bank had disappointed investors, especially regarding its net interest margin (NIM). The overall market sentiment was further dampened by concerns over rising margins and geopolitical tensions, particularly related to the US-Iran situation.
Other blue-chip stocks such as Maruti, Kotak Mahindra Bank, Infosys, and Tata Consultancy Services also contributed to the market's decline. Despite the overall downturn, some stocks like Trent Ltd managed to rise, gaining 3.04% during the session.
Overall, the market saw 1,339 stocks rising against 1,199 declining on the National Stock Exchange, indicating a mixed performance across sectors, but the banking sector's heavy losses overshadowed the gains.
“Axis Bank fell 5.48% and HDFC Bank dropped 5.12% amid margin concerns, with V K Vijayakumar of Geojit Investments noting HDFC Bank's disappointment on the net interest margin front. On the broader market, rising stocks outnumbered declining ones by 1,339 to 1,199 on the NSE.”
