Market Close: Sensex, Nifty Trim Losses, IT & Auto Stocks Slump

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Market Close: Sensex, Nifty Trim Losses, IT & Auto Stocks Slump
Credit: © Reuters.

By Malvika Gurung -- Indian equity benchmark indices ended the session marginally lower, recouping major losses witnessed in the day, as the domestic market made a sharply negative opening on Monday.

Benchmark market indices Nifty 50 and Sensex opened 1.04% and 1.11% lower, respectively in the session, tracking weakness across Asian markets and a massive sell-off on Wall Street on Friday. Concerns related to an imminent aggressive interest rate hike by the US Fed in May dampened investor sentiments.

Nifty 50 ended 0.2% lower and Sensex lowered 84.88 points or 0.15% on Monday, ahead of a holiday on Tuesday. 

The losses in the day were aggravated by sellings in IT and auto consumer durables stocks while buying in power, metal and realty scrips supported the market.

On the other hand, domestic figures including auto sales numbers, GST collection, and manufacturing PMI for Apr 2022 indicated an economy on the path of improvement, stated Vinod Nair of Geojit Financial Services.

A higher proportion of sectoral indices listed under the Nifty basket ended the session in the green, led by Nifty Metal , while Nifty IT and Nifty Auto slumped up to 2%. Nifty Bank gained 0.21%.

62% of Nifty50 stocks ended the session in red, led by Eicher Motors (NS: EICH ), Apollo Hospitals (NS: APLH ) and Titan Company (NS: TITN ), declining over 3-3.5% each, while IndusInd Bank (NS: INBK ) and Coal India (NS: COAL ) surged the most.

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