The markets ended on a negative note on Monday with both Indian benchmark indices closing in the red owing to discouraging growth data from China and nervous sentiment over UP election results due on Tuesday.
The Nifty was down 1.47 per cent to close at 5,281, losing about 80 points while the Sensex fell by 1.55 per cent or 274 points and closed at 17,363. The realty and metal stocks were the worst hit and registered a fall of over three per cent on the bourses.
“China’s low GDP data was unexpected and had a negative impact on Asian markets which were down and adversely impacted Indian stock markets as well. Also owing to UP election results expected tomorrow investors refrained from taking long positions and selling pressure dominated the markets” said Ms Shanu Goel, Senior Research Analyst, Bonanza Portfolio.
“Rate sensitive sectors realty and banking were worst hit owing to the effect of low GDP in China which would percolate down to these sectors here as well. Low growth would imply greater NPAs for banking sector,” she added.
Volatility was up, with the India Vix closing up 2.55 per cent at 29.
Reliance Infra, Reliance Power, Tata Motors, ITC and Wipro were the top five Nifty gainers while JP Associates, Hindalco, DLF, GAIL and SAIL were the losers on the Nifty.