Nifty, Sensex Pare Losses, Close At 2-Month Lows; Broader Market Underperforms

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Nifty, Sensex Pare Losses, Close At 2-Month Lows; Broader Market Underperforms

By Malvika Gurung -- Indian equity benchmark indices ended the session lower, paring losses after making a gap-down opening on Monday, as tracking global sell-offs and the foreign investors continued their relentless offloading. The Indian currency fell to its all-time low at 77.53 against the US dollar during the day.

A weak rupee leads to further outflow of foreign funds, which along with concerns regarding further aggressive interest rate hikes by central banks amid soaring inflation, and tightening Covid-19 restrictions in China led to an economic slowdown, which dragged the Indian indices on Monday.

Benchmark gauges Nifty50 ended 0.67% lower and Sensex lost 364.91 points or 0.67% in the session, dragged majorly by metal and banking stocks, while IT stocks provided support to the market.

The two indices recorded fresh closing lows in two months on Monday, and the fear barometer India VIX climbed 3.68% to 22.03 levels. Broader market indices underperformed their headline peers, with Nifty Midcap 100 ending 1.78% lower, Nifty Smallcap 100 plunging 2.12% and Nifty 500 declining 1.1%.

Investor wealth on Dalal Street was eroded by Rs 3.17 lakh crore on Monday and by Rs 7.7 lakh crore over the past two sessions.

All sectoral indices under the Nifty basket, except Nifty IT , ended the session in red, led by Nifty Media and Nifty Metal . Nifty Bank declined 0.91%.

Nifty IT pared losses and ended marginally higher at 0.05%, as the depreciating rupee boosts exporter-profitability, like IT companies, stated a news source.

PowerGrid, HCL Tech (NS: HCLT ) and Bajaj Auto (NS: BAJA ) were top Nifty gainers, while Reliance (NS: RELI ), Nestle (NS: NEST ) India and Hero MotoCorp (NS: HROM ) were top losers on the Nifty50 index.

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