Indian Stock Market Volatility on Monday
The Indian stock market witnessed volatility on Monday, with the benchmark indices exhibiting fluctuations amidst a sell-off in financial shares, particularly those owned by the government. This sell-off was triggered by the Reserve Bank of India's (RBI) proposal to tighten lending regulations for projects under implementation.
The S&P BSE Sensex, a key indicator of the Indian stock market, rose by 150 points to reach 74,025 levels. However, the Nifty 50, another major index, oscillated between gains and losses, primarily due to weakness in Adani Group shares.
Among the top gainers in the Sensex 30 were Kotak Mahindra Bank, which surged by 6% following its Q4 results. Other notable gainers included TCS, JSW Steel, Infosys, IndusInd Bank, Bharti Airtel, Mahindra and Mahindra, and Sun Pharma.
On the flip side, Titan witnessed a significant decline of 6% after its Q4 earnings announcement. Other major losers included SBI, NTPC, Power Grid, Larsen & Toubro, and Reliance Industries.
The broader market also experienced a downturn, with the BSE MidCap and SmallCap indices dropping by nearly 1% each. The Nifty PSU index, comprising shares of public sector undertakings, was the biggest loser, plummeting by 4%. The Consumer Durables and Media indices also faced losses of 2% each.