Indian Share Market Ends in Red as Nifty Drops Below 23,500

The Indian stock market closed in the red on Monday as heavy selling was reported in the IT, pharma, and media sectors on Nifty.

Sensex closed at 77,330.01 with a fall of 241.30 points or 0.31 per cent, and Nifty closed at 23,453.80 after falling 78.90 points or 0.34 per cent.

Nifty Bank advanced 184.25 points or 0.37 per cent at 50,363.80. The Nifty Midcap 100 index closed at 54,044.80 at the close of the trading with a marginal gain of 1.70 points or 0.00 per cent.

Nifty Smallcap 100 index ended at 17,507.25 after declining by 93.80 points or 0.53 per cent.

Heavy selling was seen in Nifty's IT, Pharma, Media, Energy, Infra, PSC, Healthcare, and Health & Care sectors, whereas buying was seen in Auto, PSU Bank, Financial Services, FMCG, Metal, Realty, and Private Bank sectors.

Toppers of Sensex pack: TCS, Infosys, NTPC, HCL Tech, Axis Bank, Tech Mahindra, Bajaj Finserv, Sun Pharma, IndusInd Bank, and Reliance- the big losers.

Tata Steel, Hindustan Unilever Limited, Nestle India, M&M, SBI, and Adani Ports were the gainers on the Bombay Stock Exchange (BSE).

1,617 stocks traded in green and 2,479 stocks traded in red as well. There was no change in 128 stocks.

According to market experts, consolidation continued in the market; a slowdown in earnings growth and a weak rupee due to inflation impacted the sentiment.

IT stocks reacted poorly today as there is a reduced expectation of the US Fed cutting rates in December, which may delay spending in the BFSI segment.

Jatin Trivedi of LKP Securities believes that selling pressure would be limited due to state elections in Maharashtra.

"Rupee witnessed strength, trading 0.08 rupees higher at 84.39, supported by a weak dollar, which could not move above 107 and pulled back to 106.45. This marginal support for the rupee got further aggravated by reduced FII selling activity in recent days," he said.