The domestic equity benchmark indices declined on Monday, snapping their two day winning streak, amid selling in the <a href="https://www.mid-day.com/business/business-news/article/finance-ministry-asks-private-banks-to-increase-participation-in-financial-inclusion-schemes-23653772" target="_blank" rel="none noopener">private sector banks</a> and IT stocks. The escalating geopolitical tensions in West Asia also dented investor sentiment.
The 30-share BSE Sensex tanked 876.37 points, or 1.17 per cent, to settle at 73,852.90. The 50-share NSE Nifty slumped 257.20 points, or 1.11 per cent, to end at 22,888.95.
"Benchmark indices came under renewed selling pressure, reversing the recent recovery as weak global cues and profit booking in Private Banking and IT stocks weighed on investor sentiment. However, crude prices remained elevated, with ongoing geopolitical tensions continuing to influence the outlook," Pabitro Mukherjee, Deputy Vice President Research, Bajaj Broking said.
<h2>Gainers and laggards</h2>
Among the 30 Sensex constituents, only five ended higher. State Bank of India, Adani Ports, Larsen &amp; Toubro, InterGlobe Aviation and Maruti Suzuki India were the gainers. Axis Bank, UltraTech Cement, Infosys, Bajaj Finance, Trent, NTPC and HDFC Bank were among the major laggards. Shares of Axis Bank declined 3.85 per cent despite <a href="https://www.mid-day.com/business/business-news/article/axis-bank-q2fy27-standalone-net-profit-jumps-376-per-cent-to-rs-700328-crore-23655603" target="_blank" rel="none noopener">a strong Q2FY27 performance</a>.
The private bank index lost the most, declining 1.85 per cent, whereas the PSU bank index outperformed despite weak market sentiment, rallying 2.50 per cent, noted Shrikant Chouhan, Head Equity Research, Kotak Neo.
On Friday, the Sensex advanced 413.66 points, or 0.56 per cent, to settle at 74,729.27, while the Nifty rose 148.80 points, or 0.65 per cent, to end at 23,146.15.
<h2>Global cues</h2>
Brent crude, the global oil benchmark, declined 1.07 per cent to USD 108.7 per barrel, according to news agency PTI.
"Crude oil prices eased after the US waived key sanctions linked to Russia, raising expectations of increased Russian fuel supplies to the global market. However, crude prices remained elevated, with geopolitical tensions continuing to influence the outlook. The Nifty slipped below the psychologically important 23,000 level, while broader market breadth remained weak, reflecting cautious investor sentiment amid earnings-related volatility and uncertain global cues," Vinod Nair, Head of Research, Geojit Investments said.
Foreign Institutional Investors (FIIs) turned net purchasers on October 16, buying equities worth Rs 1,165.92 crore, however in contrast, <a href="https://www.mid-day.com/business/business-news/article/domestic-institutional-investors-net-purchase-at-rs-7768-crore-during-the-week-fii-net-inflows-at-rs-2911-crore-23643816" target="_blank" rel="none noopener">Domestic Institutional Investors (DIIs) </a>were net sellers offloading equities worth Rs 3,661.28 crore, according to the exchange data.
In Asian markets, South Korea's Kospi and Shanghai's SSE Composite index ended higher, while Japan's Nikkei 225 index settled lower.
(With inputs from PTI)

Sensex plunged 876.37 points, or 1.17 per cent, to settle at 73,852.90, while the Nifty tanked  257.20 points, or 1.11 per cent, to end at 22,888.95

Sensex tanks 876 points amid selling in IT, private bank stocks

UltraTech Cement Q2FY27 net profit jumps 21.27 per cent at Rs 1,501.38 crore

The 30-share BSE Sensex tanked 876.37 points, or 1.17 per cent, to settle at 73,852.90. The 50-share NSE Nifty slumped 257.20 points, or 1.11 per cent, to end at 22,888.95

Sensex tanks 876 points, Nifty sheds 257 points amid selling in IT, private bank stocks

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