The Indian stock market ended Monday’s session in the red as stocks gave up all their intraday gains amid profit booking at higher levels. Sharp volatility in crude oil prices also weighed on broader market sentiment.
Stocks opened higher, tracking gains in the previous session on Friday. At one point, both benchmark indices had risen 0.60% intraday before paring their gains and slipping into negative territory.
The reversal erased most of the indices’ early gains and the losses came ahead of crucial inflation data that could offer cues on the outlook for further interest rate hikes.
The Nifty 50 closed 0.70% lower at 22,363, while the Sensex settled at 71,924, down 0.76% from the previous session. The broader markets, however, ended in positive territory, with the Nifty Midcap 100 rising 0.08% and the Nifty Smallcap 100 surging 1.42%, indicating relative resilience among mid- and small-cap stocks.
Sectoral performance was mixed, with FMCG emerging as the biggest laggard, followed by PSU banks, technology, cement, and oil and gas stocks. On the other hand, media, chemicals, auto, realty, and pharmaceutical stocks closed in positive territory.