Sensex, Nifty end lower as IT stocks fall; Paytm surges 5%

Criteria market indices ended the trading session on a weak note on Monday, dragged down by revenue reservation and a downturn in infotech (IT) stocks.

The S&P BSE Sensex ended 352.67 points lower at 72,790.13, while the NSE Nifty50 fell 90.65 indicate settle at 22,122.05. Most of the more comprehensive market indices likewise ended in unfavorable area as volatility increased.

The majority of the significant sectoral indices fell throughout the session, with Nifty Bank ending over 0.5 percent lower and Nifty Financial Services falling 0.28 percent. Nifty IT emerged as the leading drag, falling over 1.1 per cent. In overall, 9 of the 13 sectoral indices ended in the red.

The Nifty IT index fell as significant tech companies were under pressure ahead of an essential United States inflation reading later on today, which might choose the future rate of interest trajectory by the United States Federal Reserve. In case inflation stays raised, the United States Fed might change to a more hawkish rate position.

The leading 5 gainers on the Nifty50 were L&T, Power Grid, Adani Enterprises, Tata Consumer Products and SBI Life. On the other hand, the most significant losers were Asian Paints, Apollo Hospitals, Hindalco, Divi’s Lab and Tech Mahindra.

Amongst specific stocks, Asian Paints came under pressure after Grasim Industries introduced its paint company, Birla Opus, on Friday.

Shares of Alkem Laboratories fell dramatically by over 6 per cent after the Income Tax department discovered it guilty of tax evasion to the tune of Rs 1,000 crore.

Shares of digital payments firm Paytm acquired 5 percent to strike an upper circuit after the Reserve Bank of India took extra actions to guarantee that the company continues to process digital payments.