Closing: Benchmarks End in Red on Day 3, Nifty IT Cracks, PSU Banks Shine

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Closing: Benchmarks End in Red on Day 3, Nifty IT Cracks, PSU Banks Shine
Credit: © Reuters.

By Malvika Gurung -- The domestic market ended lower, extending the trend for the third consecutive session on Monday amid global headwinds including hawkish prospects of prolonged monetary tightening by the US Federal Reserve at the FOMC meeting minutes later this week as well as rising concerns over economic fallout due to fresh Covid-19 restrictions in China.

Benchmark indices Nifty50 declined 0.81% and Sensex fell 0.84% or 518.64 points on Monday despite oil prices sinking to near two-month lows.

Read Also: Commodity Highlight: Oil Extends Losses to New Week, WTI Futures Slip Below $80

Sell-offs across IT, metal, financial and auto stocks exerted pressure on the domestic market, while PSU banking stocks provided support. Heavyweights like Reliance Industries (NS: RELI ) and ONGC (NS: ONGC ) fell up to 5% in the day, the latter being the top loser on Nifty.

Most sectoral indices listed under the Nifty umbrella ended the session in red, led by Nifty IT and Nifty Realty , while Nifty PSU Banks jumped 1.41% with UCO Bank (NS: UCBK ) skyrocketing 20%. Nifty Bank slipped 0.21%.

Broader market indices ended better than their headline peers, as Nifty Midcap 100 made a muted closing while Nifty Smallcap 100 gained 0.24%.

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