Sensex ends 87 points lower; financial stocks drag

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Sensex ends 87 points decrease; financial stocks drag

Equity benchmark Sensex declined 87 points on Monday, monitoring losses in index majors HDFC Bank, ICICI Bank and Reliance Industries amid a weak pattern in world markets. (*87*) 30-share BSE index ended 86.95 points or 0.17 per cent decrease at 49,771.29. (*87*) broader NSE Nifty dipped 7.60 points or 0.05 per cent to 14,736.40.

IndusInd Bank was the highest loser within the Sensex pack, shedding round 4 per cent, adopted by PowerGrid, ICICI Bank, HDFC Bank, Axis Bank and Bajaj Finance.

On the opposite hand, Tech Mahindra, TCS, Sun Pharma, Infosys and HCL Tech have been among the many gainers.

“Domestic equities traded lower as mounting concerns pertaining to rise in COVID-19 cases in various parts of the country and resultant restrictions continued to weigh on investors sentiments,” stated Binod Modi, Head – Strategy at Reliance Securities.

Further, weak world cues and better US bond yields stored markets nervous.

However, robust shopping for was seen in IT, FMCG and pharma house, whereas financials and cars witnessed promoting stress.

“Notably, investors lapped-up quality midcap and small cap stocks after recent corrections in these spaces,” he added.

Elsewhere in Asia, bourses in Hong Kong, Seoul and Tokyo have been within the crimson, whereas Shanghai ended on a constructive word.

Stock exchanges in Europe have been additionally buying and selling on a weak word in mid-session offers.

Meanwhile, the worldwide oil benchmark Brent crude was buying and selling 0.20 per cent decrease at USD 64.40 per barrel.

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