India's equity markets finished in negative territory after the close on Monday, as sectorwide declines in Consumer Durables, Metals and Real Estate weighed on benchmark performance.
At the close on the National Stock Exchange, the Nifty 50 dropped 2.60% to reach a new six-month low. The BSE Sensex 30 also fell, losing 2.46% by the end of the session.
Top movers on the Nifty 50
The leading gains among Nifty 50 constituents were recorded by HCL Technologies Ltd (NSE:HCLT), which climbed 2.11% or 28.20 points to finish at 1,361.90. Power Grid Corporation of India Ltd (NSE:PGRD) added 0.81% or 2.40 points to close at 300.00. Oil And Natural Gas Corporation Ltd (NSE:ONGC) was unchanged, settling at 265.40.
Biggest decliners
On the downside, Titan Company Ltd (NSE:TITN) led losses on the Nifty 50, sliding 6.55% or 269.00 points to end at 3,837.60. Shriram Finance Ltd. (NSE:SHMF) dropped 6.24% or 58.60 points to 880.00, while Trent Ltd (NSE:TREN) fell 5.96% or 212.20 points to close at 3,347.40.
BSE Sensex 30 movers
Across the BSE Sensex 30, HCL Technologies Ltd (BO:HCLT) rose 2.10% to 1,362.00, Power Grid Corporation of India Ltd (BO:PGRD) was up 0.67% at 299.50 and Tech Mahindra Ltd (BO:TEML) gained 0.19% to close at 1,387.60. The laggards included Titan Company Ltd (BO:TITN), down 6.99% to 3,821.00, UltraTech Cement Ltd (BO:ULTC), which lost 5.40% to settle at 10,337.25, and Tata Steel Ltd (BO:TISC), which declined 4.93% to 187.00.
Market breadth and notable lows
Declining issues outnumbered advancers on the National Stock Exchange by 2,381 to 198, with 34 shares unchanged. On the Bombay Stock Exchange, 3,572 stocks fell while 591 advanced and 120 were unchanged. Shares of Trent Ltd fell to a 52-week low, retreating 5.96% or 212.20 to 3,347.40, and UltraTech Cement Ltd dropped to a 52-week low as well, down 5.40% or 590.50 to 10,337.25.
Volatility and commodities
Volatility rose markedly: the India VIX, which measures implied volatility of Nifty 50 options, increased 17.78% to 26.87, marking a new three-year high. In commodities, Gold Futures for June delivery fell 6.68% or 308.01 to $4,301.59 a troy ounce. Crude oil prices moved higher, with May delivery crude up 0.96% or 0.94 to $99.17 a barrel, and the June Brent contract rising 2.40% or 2.55 to $108.96 a barrel.
Currency and broader dollar moves
On the currency front, USD/INR strengthened 0.50% to 94.14, while EUR/INR eased 0.30% to 108.08. The US Dollar Index Futures was higher by 0.49% at 99.94.
The session's price action reflected broad selling pressure across several sectors, accompanied by rising implied volatility and mixed moves in commodities and currencies. These factors combined as markets closed lower on Monday.