The Indian equity market ended over 0.5 per cent lower on Monday, dragged down by financial and metal stocks. The Standard and Poor’s warning that the Indian economy is in deep trouble also weighed on investor sentiment. The rater has projected the Indian economy's growth to contract by 5 per cent this fiscal.
Further, the decline in global stocks due to a surge in the Covid-19 cases continued to be on the investors' radar.
The headline index S&P BSE Sensex slipped 210 points or 0.6 per cent to settle at 34,961.52. NSE's Nifty ended the day at 10,312, down 71 points or 0.68 per cent.
Among individual stocks, Axis Bank, IndusInd Bank, and Bajaj Finance slipped up to 5 per cent. Notably, S&P had downgraded the ratings of both Axis Bank and Bajaj Finance during the weekend. On the other hand, shares of ITC rose as much as 4 per cent after the announcement of its March quarter results.
Meanwhile, Vodafone Idea ended 7 per cent higher at Rs 11.12 on the BSE ahead of its March quarter results due tomorrow.
The trends at the sectoral front remained weak as barring Nifty FMCG, all the other indices on the NSe ended in the red. Nifty PSU Bank index slipped over 3 per cent while Nifty Metal index fell 2.64 per cent. Nifty FMCG, on the other hand, gained 0.72 per cent.
The second-rung stocks underperformed the benchmarks. For instance, the Nifty Midcap 100 index fell 1.6 per cent while the Nifty SmallCap 100 index shed 1.38 per cent.