Sensex, Nifty open lower as banking stocks drag; Bank of Baroda tanks 3%

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Benchmark stock market indices fell on Monday, dragged down by a decline in banking stocks.

The S&P BSE Sensex was down 76.37 points to 79,920.23 at 10 am, while the NSE Nifty50 fell 15 points to trade at 24,308.85.

Most of the other broader market indices were trading rangebound as volatility jumped sharply in early trade. Among sectoral indices, high-weightage Nifty Bank and Nifty Financial Services were trading in negative territory, but Nifty Consumer Durables was the top loser.

Tata Consumer Products, Nestle India, Tata Motors, HUL and HDFC Life were the top five gainers on the Nifty50.

On the other hand, the top losers were Titan, Divi’s Lab, Shriram Finance, Adani Ports and BPCL.

Among individual stocks, Bank of Baroda fell shares fell nearly 3% after sharing Q1 business update.

Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said, “Positive news flows can impart resilience to the market in the near-term. The bullish undertone in the US market will be supported by the latest jobs data for June which has come weak, but better-than-expected at 2,06,000 jobs.”

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