Overall market breadth remained negative as 2,405 stocks declined against 1,836 gainers on the BSE. Among the broader indices, the BSE Midcap fell 0.19%, while the BSE Smallcap posted a modest gain of 0.05%.

Indices slip from record highs again

Benchmark Equity Indices Hit Fresh Lifetime Highs, But End in Modest Losses

The benchmark equity indices opened strong on Monday, reaching fresh lifetime highs in early trade, driven by better-than-expected GDP growth in the second quarter of the current fiscal. However, profit booking at higher levels pulled the indices lower, and they settled with modest losses.

Market Updates

Sensex: Opened 359.25 points higher and touched a new record high of 86,159.02, but later succumbed to profit booking, slipping 517.12 points from the day's high. It eventually closed at 85,641.90, down 64.77 points or 0.08% compared to the previous close.
Nifty: Opened 122.85 points higher and hit a new record high of 26,325.80 but later erased all gains, falling 150.05 points from the day's peak. It settled below the 26,200 mark at 26,175.75, down 27.20 points or 0.10%.

Analyst Quotes

“After reaching a new high, the market moved into a range-bound phase as expectations of an RBI rate cut in December faded following better-than-expected Q2 GDP growth and a sharp depreciation of the rupee," said Vinod Nair, Head of Research, Geojit Financial Services."

“Nifty closed with a bearish candlestick on Monday’s session, marking the third consecutive weak close and indicating extended consolidation at higher levels along with selling pressure," said Vatsal Bhuva, Technical Analyst at LKP Securities.

Market Breadth and Trading Activity

Overall market breadth remained negative as 2,405 stocks declined against 1,836 gainers on the BSE.
Among the broader indices, the BSE Midcap fell 0.19%, while the BSE Smallcap posted a modest gain of 0.05%.
Foreign portfolio investors sold shares worth ₹1,171.31 crore, while domestic institutional investors purchased equities worth ₹2,558.93 crore on Monday, according to provisional BSE data.

Sectoral Performance

The top laggards were realty, healthcare, consumer durables, services, and telecom, falling up to 1.02%.
The top gainers were auto, metal, and IT, rising up to 0.80%.
Among Sensex constituents, Bajaj Finance, Sun Pharma, Trent, SBI, and Bajaj Finserv were the top losers, declining up to 1.65%, while Tata Motors Passenger Vehicles, Maruti Suzuki, BEL, Kotak Mahindra Bank, and HCL Tech were the top gainers, rising up to 1.93%.