The Indian equity indices on Monday closed flat after a rangebound session. The Nifty 50 closed 33.15 points or 0.15% lower at 22,442.70. Sensex gained 17.39 points or 0.02% to close the day’s trading at 73,895.54. The losers included Titan Company, Adani Enterprises, BPCL, Coal India, and SBI. The Indian Volatility Index (India VIX) shot up 13.54%, indicating investor uncertainty and fear in the market. 

Sharp drop in sectoral indices 

The Nifty Midcap lost 273 points or 0.54% to finish the session at 50,662.20. Following the trend, Nifty Bank closed in the red, down 28.25 points or 0.06% at 48,895.30. 

On the sectoral front, PSU bank and consumer durables pulled the indices lower. In the broader market, smallcap and midcap stocks closed in the red.

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PSU banks’ performance influenced markets 

“The domestic indices traded in a range-bound manner influenced by PSU banks’ underperformance due to the RBI’s tighter norms on lending to projects under development. The broader indices also witnessed major selling pressure due to valuation concerns and profit booking. Globally, weaker US payroll data has increased expectations of potential FED rate cuts. Investors are closely monitoring this week’s FED speakers for insights on future monetary policy,” said Vinod Nair, Head of Research at Geojit Financial Services.

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Power and oil & gas stocks shed the intraday gains. “Markets ended mixed as selective buying in banking, IT, realty, and auto stocks helped Sensex end marginally higher but erased majority of its gains owing to steep fall in oil & gas, power, consumer durable, and capital goods stocks. Investors are most likely to trade with caution with select longish bets amid growing uncertainty over the delay in rate cuts and persisting higher inflation,” commented Prashanth Tapse, Senior Vice President of Research at Mehta Equities.

“The BankNifty index underwent a sideways trading session, with bulls successfully defending the support zone around 49000-48900. Immediate resistance is noted at 49300, and a decisive breakthrough could trigger short-covering moves towards 49500. Conversely, a significant breach of the 48900 mark may induce further selling pressure towards 48400, where the 20DMA is positioned,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.