Markets Closing Bell (Image Source: iStockphoto, TN Digital)
On Monday, Sensex fell 140.13 points or .21 per cent to end at 65,655.15, Nifty closed 37.80 points or .19 per cent down at 19,694.
Among the Nifty firms, Divi's Laboratories, Bharti Airtel, Wipro, HCLTech, Coal India were among the top gainers. On the other hand, Adani Enterprises, Bajaj Finance, Mahindra & Mahindra, UltraTech Cement were among the top losers.
According to the exchange data, Foreign Institutional Investors (FIIs) and Domestic Institutional offloaded equities worth Rs 477.76 crore 565.48 crore respectively on Friday.
Vinod Nair, Head of Research at Geojit Financial Services said, 'Elevated long-term interest rate trends and a weakening global economy continue to hurt inflows and market movement. While the recent softening of inflation in the US & India and the negative trend of crude are expected to help the view on global equity and India in the short term.'
Nair added, 'In that context, the ease in FIIs selling is helping the domestic markets but continues to consolidate primarily due to India's premium valuation relative to global peers. In this scenario, the IT sector is benefiting; however, valuation continues to be on the higher side compared to long-term history, suggesting a cautious approach in the sector in the medium term.'