Sensex, Nifty close in red for 7th straight session on weak global trends

Indian equity benchmarks, on Monday, fell for the seventh consecutive session amidst weakness in the IT majors and fears about rate hikes by major central banks.

This is the longest losing streak for the Sensex since September 2022. The index fell as much as 537 points before it recouped some of its losses to end the session at 59,288, down 175 points or 0.3 per cent. The Nifty, on the other hand, ended the session at 17,392 a decline of 73 points, or 0.4 per cent. Nifty had slipped below its 200-day moving average  in intraday trade but managed to close above it.

Analysts said investors are grappling with central bank policies that may remain hawkish for longer than what was priced in by markets.

The weakness in the IT pack contributed to the index losses the most. Infosys declined 2.7 per cent and TCS declined 2 per cent and contributed most to the Sensex losses. Barring Adani Ports, all Adani group stocks declined and the group market capitalisation fell by Rs 34,000 crore. Flagship Adani Enterprises fell the most at 9.2 per cent.

The market breadth was weak with 2,593 stocks declining and 956 advances. Foreign Portfolio Investors (FPI) were net sellers to the tune of Rs 2,022 crore, according to provisional data from exchanges.

"Pressure in the IT, metal and auto majors kept the tone negative, however resilience in the banking pack capped the damage. And, a fresh fall in the broader indices further deteriorated the sentiment. Besides, the fall in the US markets is adding to the pessimism," said Ajit Mishra, Vice President- technical research, Religare Broking.