Markets extend losses for 2nd straight day amid selling in energy, bank & financial stocks

Mumbai: Benchmark equity indices Sensex and Nifty declined for a second straight session on Monday, losing more than half a per cent due to selling in energy, banking and financials stocks amid lingering concerns over interest rates and inflation.

Reversing its early gains, the BSE Sensex closed lower by 311.03 points or 0.51 per cent at 60,691.54 as 18 of its scrips declined.

The index opened higher at 61,112.84 and gained further 290 points to hit the day’s high of 61,290.19.

However, selling in index major Reliance Industries, HDFC twins, ICICI Bank Maruti and Kotak Bank dragged down the barometer to a low of 60,607.02.

The NSE Nifty fell 99.60 points or 0.56 per cent to end at 17,844.60 as 30 of its constituents declined while 20 advanced.

Nifty touched a high of 18,004.35in early trade but later fell to a low of 17,818.40.

Sensex lost nearly 317 points while Nifty declined by 91 points on Friday.

From the Sensex pack, Maruti, HDFC, Kotak Mahindra Bank, Axis Bank, Bajaj Finance, Reliance Industries, Nestle and ICICI Bank were among the major laggards.

UltraTech Cement, Tech Mahindra, Power Grid, Infosys, Tata Motors, HCL Technologies, Mahindra & Mahindra and Bharti Airtel were the major winners.

In the broader market, the BSE smallcap gauge dipped 0.16 per cent and midcap index fell 0.12 per cent.

Among the sectoral indices, oil & gas declined 1.12 per cent, bankex fell 1.06 per cent, energy (0.99 per cent), financial services (0.90 per cent), realty (0.72 per cent) and telecommunication (0.70 per cent).

IT, auto, teck and services were the gainers.

The rupee appreciated by 9 paise to close at 82.73 against the US dollar on Monday, as the American currency retreated from its elevated levels.

International oil benchmark Brent crude climbed 0.95 per cent to $83.79 per barrel.