India Stocks Decline as Various Sectors Drag Market Lower
India stocks ended lower on Monday, as losses across multiple sectors weighed down shares. The Nifty 50 index fell 0.76%, while another index declined 0.73%.
Among the top performers were Dr Reddy’s Laboratories Ltd, which rose 2.68% to 6,321.00 at the close. Apollo Hospitals Enterprises Ltd also saw gains, adding 2.60% to end at 6,604.70. Divi’s Laboratories Ltd followed suit, climbing 2.28% to 3,735.50.
However, not all stocks fared well. Coal India Ltd experienced a significant decline of 4.69% to 434.80. Hero MotoCorp Ltd also saw a decline, losing 4.27% to 4,699.05. Bharat Petroleum Corp. Ltd was another worst performer, falling 3.89% to 590.40.
On the BSE Sensex 30, Dr Reddy’s Laboratories Ltd emerged as one of the top performers once again, rising 2.56% to 6,309.95. Wipro Ltd followed suit with a gain of 2.26% to 501.40, while HCL Technologies Ltd gained 2.09% to 1,666.15.
However, Tata Steel Ltd experienced a decline of 2.76%, NTPC Ltd lost 2.72% to settle at 316.05, and State Bank Of India was down 2.26% to 707.90, making them the worst performers on the BSE Sensex 30.
Falling stocks outnumbered advancing ones on both the India National Stock Exchange and the Bombay Stock Exchange. Implied volatility of Nifty 50 options also reached a new 6-month high, with a 3.98% increase.
In commodities trading, gold futures for April delivery saw a decline of 0.20% to $2,034.55 a troy ounce. Crude oil for March delivery fell 0.91% to $76.14 a barrel, while the April Brent oil contract declined by 0.94% to $81.42 a barrel.
The currency market saw the USD/INR slightly down, while the EUR/INR fell 0.10%. The US Dollar Index Futures experienced a minor increase.
Analyst comment
Negative
As an analyst, the market is likely to continue declining in the short term due to losses across multiple sectors. Falling stocks, high implied volatility, and declines in commodities such as gold and crude oil indicate a bearish sentiment.
