CHENNAI: Indian stock markets ended much lower on Monday, snapping a four-day winning streak. Investors booked profits after recent gains, and there were no major new domestic developments to drive the markets higher.
The key Indices -- Sensex fell by 452 points or 0.54% to close at 83,606.46, and Nifty 50 also dropped, ending around 25,500, down roughly 0.55%.
Stocks that fell the most under Sensex were Axis Bank, Kotak Mahindra Bank, Maruti, Ultratech Cement, Bajaj Finance, Reliance Industries, Tata Steel, and Bharti Airtel.
While the stocks that gained included SBI, Titan, Bajaj Finserv, Bharat Electronics, Trent, and Zomato.
As far as mid and small-cap stocks are concerned, many did better than the big ones. Nifty Midcap 100 rose by 0.68% and Nifty Smallcap 100 gained 0.52%.
This shows that broader market sentiment was more positive even though the main indices fell, say analysts.
But most sectors showed mixed performance. The top gainers among these were PSU Banks (like Bank of Baroda, PNB, SBI, and Canara Bank) surged by 2.66%.
Other sectors that ended in green included IT, Pharma, Healthcare, Energy, Consumer Durables, and Media. While the ones dropped were Auto, Private Banks, Financial Services, FMCG, Metals, Realty, and Oil & Gas.
Volatility Index
The market's fear gauge, India VIX, rose by 3.2% to 12.78, showing increased nervousness among traders.
According to analysts, markets may stay choppy and range-bound this week. Traders will be watching out for important data releases like manufacturing and services PMI. PSU banks and select mid-cap stocks could continue to see buying interest.