The benchmark equity indices ended lower on Monday, breaking a four-session winning streak, as selling in heavyweight stocks weighed on market sentiment. While the BSE Sensex dropped 452 points to close at 83,606, the Nifty 50 declined 121 points to settle at 25,517. In contrast, broader markets remained buoyant, with midcaps extending their outperformance for a seventh straight session.
The Nifty Midcap 100 index rose 356 points to close at 59,741, continuing to attract strong investor interest amid rotation from largecaps. Market breadth remained broadly balanced, with the advance-decline ratio hovering at 1:1 on the NSE.
The Nifty Bank index lost 131 points to end at 57,312, dragged by weakness in select private lenders. However, public sector banks continued to see sustained buying interest. The Nifty PSU Bank index advanced more than 2%, marking its fifth consecutive session of gains, supported by strength in names like Union Bank of India and Canara Bank.
Among individual stocks, JB Chemicals & Pharmaceuticals Ltd fell nearly 7%, underperforming the broader pharma pack, following profit-taking and muted sentiment post recent gains. In contrast, Torrent Pharmaceuticals Ltd rose 2% after announcing an acquisition deal, which was received positively by the market.
Sigachi Industries shares slumped 11% after reports of a fire at one of its units in Telangana, sparking concerns about operational disruptions.
Trent Ltd, a Tata Group retail arm, recovered sharply in the final hour of trade to emerge as the top gainer on the Nifty 50, buoyed by a positive brokerage note highlighting its robust store expansion and margin outlook.
IndusInd Bank Ltd rose nearly 2%, as markets awaited clarity from the Reserve Bank of India (RBI) on the appointment of the bank’s next CEO, with the regulatory deadline for recommendations expiring today.
On the other hand, Hero MotoCorp Ltd declined almost 2% after the government released a draft notification on Anti-lock Braking System (ABS) regulations, which could potentially increase cost pressures for two-wheeler manufacturers. The Nifty Auto index slipped nearly 0.5% ahead of monthly sales data for May, due later this week.
Elsewhere, Raymond Ltd surged 14% as investors cheered the impending listing of its real estate subsidiary, Raymond Realty, scheduled for tomorrow. Market participants are optimistic about the valuation potential of the demerged entity.
Karnataka Bank Ltd ended nearly 6% higher after the board approved the resignation of the Managing Director and CEO. The market interpreted the move as paving the way for a strategic leadership transition amid broader restructuring initiatives.
