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Mumbai. A period of decline was seen in the Indian stock market on Monday. BSE Sensex fell 443 points as investors turned cautious amid heavy selling in major banking stocks and rising tensions in West Asia. NSE Nifty also closed with a fall of about 96 points.

BSE Sensex based on 30 shares fell 442.93 points or 0.57 percent to close at 77,708.52. During trading, the Sensex at one time slipped by 783.16 points and reached the level of 77,368.29 points. At the same time, NSE Nifty closed at 24,238.50 points with a fall of 95.80 points or 0.39 percent.

HDFC and Axis Bank increased market concern

Axis Bank was the biggest loser among Sensex stocks, falling 5.48 percent after its quarterly results. At the same time, shares of HDFC Bank also fell by 5.12 percent. According to market experts, there was disappointment among investors regarding the Net Interest Margin (NIM) of HDFC Bank, which affected the shares of the banking sector. VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited, said that the weakness in the performance of HDFC Bank, especially on the net interest margin front, has increased the concern of investors.

There was a decline in these shares also

Apart from HDFC Bank and Axis Bank, shares of Maruti, Kotak Mahindra Bank, Infosys, Tata Consultancy Services (TCS), Mahindra & Mahindra and Bharat Electronics also declined. However, some stocks supported the market. Major gainers included Trent, Power Grid, NTPC and Bharti Airtel.

Impact of global markets also visible

Ponmudi R, CEO of online trading company Enrich Money, said investors remained cautious due to rising tensions in West Asia and selling in technology stocks globally. He said that the sharp decline in HDFC Bank further increased the pressure on the market. Global oil benchmark Brent crude fell 0.05 per cent to $88.06 per barrel. In Asian markets, China’s Shanghai Composite and Hong Kong’s Hang Seng closed with gains, while South Korea’s Kospi fell 4.46 percent. The Japanese market remained closed due to holidays.

Foreign investors also sold

According to stock market data, foreign institutional investors (FIIs) sold shares worth Rs 376.41 crore on Friday. Earlier on Friday, a strong rise was seen in the domestic market. BSE Sensex was up 964.58 points, while NSE Nifty was up 261.55 points.

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