Mumbai: The Indian benchmark indices finished lower on Monday after a volatile trading session. The market was initially pressured by declining IT stocks following the US government’s announcement of a $100,000 fee for new H-1B visas. However, the introduction of GST reforms on the same day quickly helped the market recover. The Sensex closed at 82,159.97, down 466.26 points or 0.56 percent. The 30-share index opened lower at 82,151.07, compared to the previous session’s close of 82,626.23, primarily influenced by a sharp drop in IT stocks. Despite the weak start, the GST reforms helped prevent a further decline in the index. The Nifty index ended at 25,202.35, down 124.70 points or 0.49 percent.
Ashika Institutional Equities noted that the day started poorly due to negative global cues and concerns regarding the new H-1B visa fee, which led to a cautious market outlook. Although the market initially attempted to recover, selling pressure returned, resulting in profit-taking during the latter half of the session. Major losers from the Sensex included Tech Mahindra, TCS, Tata Motors, Trent, HCL Tech, Sun Pharma, SBI, L&T, ITC, BEL, Maruti Suzuki, and Kotak Bank, while stocks like Eternal, Bajaj Finance, Adani Ports, Ultratech Cement, Hindustan Unilever, and Axis Bank saw gains.
Most sectoral indices closed in the red due to selling pressure, with Nifty Bank down 174.10 points, Nifty Auto dropping 65 points or 0.24 percent, Nifty FMCG falling 266 points or 0.47 percent, and Nifty IT decreasing by 1,078 points or 2.95 percent. The broader market also declined, with Nifty Small Cap 100 down 215 points or 1.17 percent, Nifty Midcap 100 falling 394 points or 0.67 percent, and Nifty 100 closing 91 points or 0.35 percent lower.