Market Ends 123 Pts Down; Banks & Auto Stocks Drag The Most
The BSE Sensex ended the day lower at 52,852.17, down by 123.53 points, and the key index Nifty-50 was down 31.60 points at 15,824.45. Index heavyweight Reliance Industries and other Financial stocks were top drags for the index on Monday, July 26.
The outflows of FIIs in the markets in the July series are alarming and standing as a matter of concern for investors, experts said.
"Traders were concerned as foreign portfolio investors (FPIs) offloaded Indian equities to the tune of over Rs 5,689 crore in July so far as they continued to adopt a cautious stance in view of various domestic and global factors," said Narendra Solanki, Head of Equity Research(Fundamental), Anand Rathi Shares & Stock Brokers.
Shares of Reliance Industries contributed the most in the downfall as the company's shares shed over a per cent in the day's trade post their Q1 results. SBI, Tech Mahindra, and Bharti Airtel were other top losers, declining over a per cent each.
Among the sectors, Banks, Auto, and Energy were the top drags, while IT and Metals performed well during the day. Shares of Hind Copper, SAIL, and Hindalco were the top gainers in the Metal pack, advancing over two per cent each. Shares of SAIL gained majorly after Ace Investor Rakesh Jhunjhunwala bought a 1.39 per cent stake in the company.
On the earnings front, Kotak Mahindra Bank posted a 32 per cent Y-o-Y jump in standalone net profit at Rs 1,641.92 crore against Rs 1,244.45 crore in the same period last year.
In the overall market breadth, 1791 shares advanced, 1488 shares declined, and 151 shares were unchanged.
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