Mumbai,feb 24
The Indian stock markets on Monday ended on a lower note, influenced by weak global cues that kept the benchmarks under pressure during the trading session.
At the close of the market, the Sensex was down 856.65 points or 1.14 per cent, at 74,454.41, and the Nifty at the National Stock Exchange (NSE) was down 242.55 points or 1.06 per cent, at 22,553.35.At NSE, Wipro, HCL Technologies, Infosys, TCS, and Tata Steel were the biggest losers. On the other hand, the stocks of M&M, Eicher Motors, Dr Reddy’s Labs, Hero MotoCorp and Kotak Mahindra Bank were the gainers.In today’s trading session, except for auto, pharma, and FMCG, all other sectoral indices ended in the red territory. The sectoral indices of IT, metal, and telecom were down about 2 per cent.In terms of sectors, 10 out of 13 major sectoral indices traded lower in today’s session.The volatility index, India VIX, cooled off by 0.60 per cent to 14.44, indicating a decline in market volatility.
“The D-street indices experienced a sharp drop to an eight-month low as market sentiment remained subdued. The decline was primarily driven by significant losses in heavyweight stocks, especially within the IT sector. This weakness followed reports of declining consumer confidence in the US, casting a shadow over the country’s growth outlook,” said Ameya Ranadive, Chartered Market Technician, CFTe, Sr Technical Analyst, StoxBox.”Today’s decline in the Nifty was accompanied by lower trading volume compared to the previous session,” he added.
