Indian equity markets ended the session in negative territory as sector-specific declines weighed on benchmark indexes. At the close on the National Stock Exchange, the Nifty 50 fell 0.86%. On the Bombay Stock Exchange, the Sensex 30 declined 0.91%.
Sector pressure came primarily from Auto, Oil & Gas and Fast Moving Consumer Goods names, which collectively contributed to the downward momentum in equities.
Notable winners
- HDFC Life Insurance Company Ltd (NSE:HDFL) advanced 2.71% or 16.40 points to finish at 620.55.
- Adani Enterprises Ltd (NSE:ADEL) rose 2.08% or 43.40 points to close at 2,130.20.
- ICICI Bank Ltd (NSE:ICBK) gained 1.85% or 24.40 points to end the session at 1,346.30.
Notable losers
- Eicher Motors Ltd. (NSE:EICH) fell 5.04% or 374.00 points to close at 7,050.00.
- Maruti Suzuki India Ltd. (NSE:MRTI) declined 4.62% or 634.00 points to trade at 13,075.00 at the close.
- Hero MotoCorp Ltd (NSE:HROM) dropped 4.05% or 221.50 points to finish at 5,245.00.
On the BSE Sensex 30, the session's leading stocks differed slightly. ICICI Bank Ltd (BO:ICBK) rose 2.04% to 1,349.00, NTPC Ltd (BO:NTPC) climbed 1.46% to settle at 385.85, and Tata Motors Passenger Vehicles Ltd (BO:TAMO) gained 0.74% to close at 345.10.
The laggards on the Sensex included Maruti Suzuki India Ltd. (BO:MRTI), down 4.60% to 13,080.00; Bajaj Finance Ltd (BO:BJFN), which lost 2.83% to settle at 898.25; and Reliance Industries Ltd (BO:RELI), which decreased 2.64% to 1,314.45 at the close.
Market breadth and volatility
Declining stocks outnumbered advancing ones on the National Stock Exchange by 1,529 to 1,014, with 39 stocks unchanged. On the Bombay Stock Exchange, 2,391 shares fell, 1,711 advanced and 191 ended unchanged. The India VIX, a measure of implied volatility for Nifty 50 options, increased 8.41% to 20.43.
Commodities and currencies
Precious metals and energy markets showed divergent moves. Gold Futures for June delivery were down 1.08% or 51.90 to $4,735.50 a troy ounce. Crude oil prices rose sharply: the contract for May delivery gained 8.17% or 7.89 to $104.46 a barrel, while the June Brent oil contract was up 7.53% or 7.17 to trade at $102.37 a barrel.
In currency markets, USD/INR moved higher by 0.35% to 93.40. EUR/INR was unchanged at 109.10. The US Dollar Index Futures rose 0.34% to 98.78.
What the session shows
The closing action reflected concentrated sector weakness that outweighed strength in select financial and power stocks. Volatility, as measured by the India VIX, rose during the session, while commodity and currency moves added to the market environment.