Sensex, Nifty Snap 8-Day Winning Streak Dragged By Banks

The S&P BSE Sensex and NSE Nifty 50 indexes snapped their eight-day winning streak as investors booked profits in banking, financial services, metal and private banking stocks. The Sensex fell as much as 466 points and Nifty 50 index touched an intra-day low of 12,624.85. In the last three trading sessions, the benchmarks touched record highs on the back of strong performance in banking shares.

The Sensex ended 236 points or 0.54 per cent lower at 43,357 and Nifty 50 index declined 58 points to close at 12,691.

Investors booked profits in banking shares which outperformed the broader markets in the last eight trading sessions, analysts said.

Five of 11 sector gauges compiled by the National Stock Exchange ended lower, led by the Nifty PSU Bank index’s over 2 per cent fall. The Nifty Bank, Financial Services, Metal and Private Bank indices also fell 0.6-2 per cent.

On the other hand, FMCG, realty, pharma, media and auto stocks witnessed buying interest.

Mid- and small-cap shares outperformed their larger peers as Nifty Midcap 100 index rose 0.6 per cent and Nifty Smallcap 100 index declined 1.3 per cent.

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ICICI Bank, Kotak Mahindra Bank, HDFC Bank, Reliance Industries, State Bank of India and Axis Bank were among the top drags in the Sensex.

In the Nifty 50 basket of shares, State Bank of India was top loser; the stock fell 3 per cent to close at Rs 227. Kotak Mahindra Bank, Coal India, IndusInd Bank, NTPC, ICICI Bank, Axis Bank, JSW Steel, UPL, HDFC Bank and Adani Ports also fell between 1-3 per cent.

On the flip side, Hindustan Unilever, Grasim Industries, Shree Cements, Hindalco, ITC, Larsen & Toubro, HDFC Life and Bajaj Finserv were among the gainers.

The overall market breadth was positive as 1,552 shares ended higher while 1,143 closer lower on the BSE.



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