Weak global cues halt three-day bull run

Mumbai: Benchmark equity indices Sensex and Nifty declined on Monday due to profit-taking by investors after a three-day record-breaking rally and a largely weak trend in Asian markets. Snapping its three-day rally, the 30-share BSE Sensex declined 168.66 points or 0.24 per cent to settle at 71,315.09 points. During the day, Sensex fell 341.46 points or 0.47 per cent to 71,142.29 points. Nifty fell by 38 points or 0.18 per cent to 21,418.65 points.

Vinod Nair, head (research) at Geojit Financial Services, said: “The market started on a subdued note as concerns over oil supply disruptions through the Red Sea and elevated valuations dented investor sentiment. Markets started the week on a muted note and ended marginally lower, taking a breather after the recent surge.”

“After the initial downtick, the Nifty oscillated in a narrow range and finally settled at 21,418.65 levels,” said Ajit Mishra, SV-P (technical research), Religare Broking Ltd.

In the broader market, the BSE smallcap gauge climbed 0.48 per cent and midcap index gained 0.28 per cent. Among the indices, realty declined 0.98 per cent, financial services fell by 0.32 per cent, FMCG by 0.28 per cent, IT by 0.27 per cent, teck by 0.26 per cent and oil & gas by 0.16 per cent. Services index jumped 1.50 per cent, telecommunication by 0.81 per cent, capital goods by 0.75 per cent and consumer durables by 0.60 per cent.