The Indian stock market traded weak right through the session on Monday as investors chose to take profits at several counters. A weak lead from global markets and a lack of positive catalysts from the domestic front rendered price movements quite sluggish.
Weakness in IT stocks due to a stronger rupee contributed significantly to market's decline.
Telecom stocks were mostly lower. Oil, bank and capital goods stocks too failed to find any strong support. Power, realty, automobile, metal and FMCG stocks ended on a mixed note. Some stocks from healthcare sector posted strong gains.
The BSE benchmark Sensex ended down 130.25 points or 0.44% at 29,518.74, off the day's low of 29,482.40. The Nifty50 of the National Stock Exchange, which declined to 9116.30, ended at 9126.85, netting a loss of 33.20 points or 0.36%.
In the forex market, the rupee, which strengthened to 65.30 against the U.S. dollar, was trading at 65.38 a dollar around late afternoon, up 9 paise from its previous close of 65.47.
Axis Bank declined by about 2.4%. ICICI Bank, Infosys, Tata Consultancy Services and Reliance Industries ended lower by 1.5% - 2%. Tata Steel, Larsen & Toubro, Hindustan Unilever and Power Grid Corporation lost 0.5% - 1%.
Aurobindo Pharma, the top gainer in the Nifty50 index, moved up 2.6%. Grasim Industries gained 2.2%. BHEL and Eicher Motors lost 1.4% - 2.2%. Coal India declined 1%. ITC, Kotak Bank, Bharti Airtel and Tata Power also ended with notable gains.
Idea Cellular started off on a high note, gaining nearly 15%, after the company announced that its board has approved a proposal of merger with Vodafone India, plunged subsequently and eventually ended at 9126.85, with a loss of 33.20 points or 0.36%.
Idea Cellular, which rose almost 15% in early trades, ended the day with a loss of a little over 10%. Axis Bank declined 2.8%. Tata Consultancy Services, Infosys, Wipro, ICICI Bank and Reliance Industries ended lower by 1.5% - 2%. Tata Steel and Larsen & Toubro also ended notably lower.
Aurobindo Pharma ended stronger by 2.6%. Grasim Industries gained 2.2%. BHEL (1.7%), Eicher Motors (1.5%) and Coal India (1.1%) also ended on a high note. ITC andKotak Bank gained nearly 1%. NTPC, Bharti Airtel, Tata Power, HDFC Bank, Yes Bank and Lupin posted modest gains.
The market breadth was slightly negative. Out of 3023 stocks traded on BSE, 1443 stocks declined. 1354 stocks advanced and 226 stocks ended flat.