Winning streak of last 5 sessions came to an end in today's session with the Benchmark indices ending lower post a last-hour sell-off. Selling pressure was mainly due to IT and Auto stocks.
The Nifty Bank index rallied above 23000 mark, highest since 17th March, but it fell over 500 points from the day's high of 23080 level and ended lower by 0.19%.
Nifty slipped 94 points (0.9%) to close at 10706.
Traders were booking profit as the Nifty gained nearly 5% in the five trading sessions and Bank Nifty surged nearly1200 points (6%) in the four trading days.
Stocks declined at the end of a volatile trading day as investors weighed the gradual resumption of business activity against a steady rise in new coronavirus cases.
Moreover, traders apply caution in the market ahead of the quarterly earnings season starting on Thursday and also on account of global market weakness.
Asia, Europe and US Future declined amid the latest signs of concern that global economic recovery may be impeded by a second wave of coronavirus outbreaks.
India Vix gained 4% to above 26. Private Banks & NBFC, Auto, Cement, Tech stocks witnessed profit booking. Select PSU Banks, Metal, Pharma and FMCG stocks gained.
Among the NBFC stocks, Bajaj Finance slipped 4% to close at Rs3208. ICICI Bank declined 2% to close at Rs369 while it has touched intra-day high of Rs379.
Axis Bank, RBL Bank and Kotak Bank declined sharply from the day’s high.
However, IndusInd Bank advance 5% to close at Rs552. PSU Banks like SBI gained 2% to close at Rs192. PNB, BoB, Canara Bank gained 2-4%.
Tech stocks like Infosys slipped over 2% to close at Rs775. TCS declined 2% to close at Rs2219. Company will announce Q1 results tomorrow. Metal stocks like SAIL surged 9% to close at 35.35 levels.
Hindalco, Tata Steel and Vedanta gained 1-2%. Auto stocks like Maruti shed 3% to close at Rs6044.
Private Labs like Metropolis, Dr Lalpath Labs and Thyrocare gained 1-3% after the Maharashtra Government said that the people can test themselves for coronavirus infection at designated private laboratories in Mumbai without a doctor’s prescription.
Earlier, a doctor’s prescription was needed for a test.