Stock market today: On account of the sharp sell-off in PSU stocks, the Indian stock market gave up early morning gains and ended lower on Monday. The Nifty 50 index lost 166 points and closed at the 21,616 level, the BSE Sensex nosedived 523 points and finished at the 71,072 mark while the Bank Nifty index crashed 752 points and ended at the 44,882 level. In the broad market, the small-cap index crashed 3.16 percent whereas the mid-cap index tanked 2.62 percent.
"Domestic equities opened positive but soon witnessed selling pressure amid muted global cues. While Nifty closed with a loss of 166 points (-0.8%) at 21616, the broader market plunged sharply with the Nifty mid-cap 100 down 2.5% and the Nifty small-cap 100 down 4%. The volatility index - India VIX jumped 4% to 16 levels.
Barring IT & Pharma, all sectors ended in red. PSUs saw a heavy profit booking after witnessing a sharp rally over the last few months and weak Q3 results posted by many. There was also caution ahead of domestic CPI and IIP data that is due for release later on Monday," said Siddhartha Khemka, Head - Retail Research at Motilal Oswal.
Also Read: Ashok Leyland, Bandhan Bank, PNB, ZEEL, among 13 stocks under F&O ban list today On the outlook for the Nifty 50 index, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities said, "A long bear candle was formed on the daily chart that placed it at the edge of the downside breakout of the crucial support of up trend line at 21,600 levels. The weakness in the benchmark Nifty was accompanied by a deep cut in the broader market indices like midcap and small-cap segments on Monday. This is not a good sign.Read more on livemint.com