Sensex, Nifty end lower as PSU bank and media stocks drag markets down

India’s benchmark equity indices ended lower on Monday, snapping a two-session winning streak, as weak global cues weighed on sentiment through the session.

The S&P BSE Sensex closed at 77,369.11, down 171.72 points or 0.22% from the previous session’s close.

The Nifty 50 lost 32.95 points, or 0.14%, to settle at 24,219.05.

PSU bank, media and private bank shares were among the top losers of the day, dragging the broader indices lower through the session.

Metal, realty and IT stocks bucked the trend and advanced, offering some cushion against the declines elsewhere in the market.

The muted close came as investors weighed global cues alongside stock-specific developments, including fresh listings and IPO activity in the primary market this week.

Among the session’s other movers, Nifty PSU Bank slipped around 1%, extending pressure on state-run lenders that have lagged the broader market in recent sessions.

The subdued session also coincided with active primary-market activity, with Hy-Tech Engineers’ initial public offering, which opened for subscription today, drawing early investor interest alongside the secondary market moves.

Market participants said the day’s losses were broadly in line with a cautious mood across Asian markets, with traders now watching upcoming corporate earnings and global central bank commentary for near-term direction.

Monday’s fall snapped a two-session run of gains for both indices, a streak that had briefly lifted sentiment after a stretch of choppy trading through much of August.

Foreign institutional investor flows and domestic mutual fund buying continue to be closely tracked by traders as key swing factors for the market’s direction in the sessions ahead.

Sectoral divergence was a notable feature of the day, with defensive and export-linked sectors like IT and metals advancing even as rate-sensitive financial stocks came under selling pressure.

Analysts said the near-term trajectory for both benchmarks would likely hinge on how upcoming domestic and global data releases shape expectations for interest rates over the rest of the year.

Photo by BSEINDIA, Wikimedia Commons, CC BY-SA 3.0