Mumbai (Maharashtra) [India], October 12 : Indian stock markets closed lower on Monday, with the Sensex falling 547.65 points, or 0.76 per cent, to 71,924.
68, while the Nifty 50 declined 157.10 points, or 0.70 per cent, to close at 22,363.35 amid persistent foreign investor outflows, rising bond yields and escalating tensions in the Middle East.
Market sentiment remained weak as investors weighed global uncertainties and inflation concerns. Rising crude oil prices and continued selling by foreign institutional investors (FIIs) added to the pressure on domestic equities.
Vikram Kasat, Chief Business Officer – Advisory and Dealing at PL Capital, said, “Indian equities came under sharp selling pressure on Monday. Rising 10-year government bond yields, persistent FII outflows, escalating Middle East tensions and weak global cues have dampened risk appetite, while profit-booking has intensified volatility. Media, auto, realty and metal stocks showed relative resilience, whereas PSU banks, IT, FMCG and private banks remained under pressure”.
He further added, “Although the rupee’s recovery and softer crude prices offer some relief, elevated yields and inflation concerns remain risks. Investors should favour fundamentally strong companies and stagger fresh investments until earnings visibility and market breadth improve.”
Trading across sectoral indices on the NSE was mixed. The Nifty Media index gained more than 4 per cent, emerging as the strongest performer among the sectors mentioned. The Nifty Realty index rose 0.63 per cent, while the Nifty Auto index gained 0.60 per cent. The Nifty Pharma index advanced 0.25 per cent.
On the losing side, the Nifty PSU Bank index declined 1.31 per cent, while the Nifty IT index fell 1.14 per cent. The Nifty Metal index dropped 0.55 per cent, and the Nifty Private Bank index lost 0.52 per cent.
Among Nifty 50 stocks, Dr Reddy’s Laboratories, Bajaj Auto, BSE, Bharat Electronics Limited (BEL), Cipla and TMPV were among the top gainers. Apollo Hospitals, ITC, Tech Mahindra, Larsen & Toubro (L&T), Max Healthcare and Hindalco were among the top losers.
Commodity prices also remained in focus. Brent crude oil prices rose 1.15 per cent to USD 106 per barrel at the time of reporting, adding to concerns about inflation and the potential impact of higher energy costs.
Gold prices declined more than 1.12 per cent to Rs 1,49,800 per 10 grams for 24-karat gold, while silver fell 0.83 per cent to Rs 2,23,870 per kilogram.
Other Asian markets largely closed in the red on Monday. South Korea’s KOSPI index recorded the steepest decline among the major indices mentioned, falling 3.79 per cent to 6,384. Japan’s Nikkei 225 declined 0.02 per cent to 69,030, while Taiwan’s weighted index fell 0.02 per cent to 49,301. Hong Kong’s Hang Seng index gained 0.04 per cent, while Singapore’s Straits Times index rose 0.25 per cent.