Sensex ends lower for second day as IT, pharma stocks fall

Sensex ends lower for second day as IT, pharma stocks fall

The Sensex ended lower for the second consecutive session on Monday, as a result of a fall in IT and pharma stocks. Sensex lost 34 points to end at 62,834 and Nifty gained 5 points to close at 18,701.

Reliance Industries 1.46% Tech Mahindra 1.33% UltraTech Cement 0.76% Dr Reddy s 73% Axis Bank 0.61% and Bharti Airtel 0.58% were among the top Sensex losers.

Tata Steel 3.35% NTPC 1.66% SBI 1.58% IndusInd Bank 1.38% and PowerGrid 0.61% were among the top Sensex gainers.

Vinod Nair, Head of Research at Geojit Financial Services said that Market continued its profit booking trend from the record high as they exercised prudence ahead of the RBI policy announcement on December 7. It was also due to an increase in crude prices due to the decision of OPEC not to cut output target, and ease in China's Covid policy. The IT sector saw the highest profit booking, while the bank and metals outperformed. The market expects a 35 bps rate hike compared to 50 bps in the previous three meetings in anticipation of a fall in inflation forecast. The market's breadth was positive with 2,111 shares closing higher against 1,486 stocks falling on the BSE. 197 shares were unchanged. IT and pharma shares were the top losers with their BSE indices falling 110 points and 113 points, respectively. Metal and banking shares were the top sectoral gainers with their BSE indices rising 491 points and 225 points, respectively.

The previous session's market cap was Rs 289.57 lakh crore, and 46 lakh crore was a gain of 469.57 lakh crore. The mid cap and small cap indexes of the BSE rose 27 points and 74 points, respectively.

Foreign Institutional Investors FIIs bought shares worth Rs 214.76 crore on Friday, as per exchange data.

The Indian equity market ended down on Friday, snapping its eight-day rally due to weak global markets and record profit-booking. The Sensex dropped 415.69 points to 62,868. It crashed to 62,679. It dropped 604.56 points during the day. Nifty lost 116.40 points or 0.62 per cent to 18,696 at the end of the day.

Equity exchanges in Europe were trading lower in the afternoon. Wall Street ended on a mixed note on Friday. The international oil benchmark Brent crude was trading 1.73 per cent higher at $87.05 per barrel.