Market Wrap: Banks, energy stocks drag D-St lower; Sensex falls 241 points, Nifty below 23,500
energy stocks, as concerns over corporate earnings dampened market sentiment while IT stocks stood out as the only gainers after quarterly update from sector leader TCS suggested early signs of a demand recovery.
The benchmark BSE Sensex lost 241.30 points or 0.31% to close at 77,378.91, while the broader Nifty 50 index closed at 23,431.50, lower by 95.00 points or 0.4%.
The market capitalization of all listed companies on the BSE decreased by Rs 7.24 lakh crore to Rs 429.75 lakh crore.
Sector Watch
Financial stocks were the heaviest drags on the benchmarks, with the Nifty Financial Services index falling 1.3%. The Nifty Bank and Nifty PSU Bank indices also declined, losing 1.6% and 2.7%, respectively.
Nifty 50 heavyweights, HDFC Bank and Reliance Industries slipped 0.7% each, significantly contributing to the benchmarks' losses. ICICI Bank ended the session 0.9% lower.
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