Indian markets closed lower on Monday, ending a streak of six straight sessions of gains amid new border tensions between India and China. The reports undid the initial gains over the government’s further relaxation of coronavirus restrictions and opening of the economy.
The NSE Nifty 50 index closed down 2.23% at 11,387.50, while the S&P BSE Sensex ended 2.13% lower at 38,628.29.
All the major sectoral indexes ended in the red, with the Nifty bank index closing 3.14% lower, after a 13.3% rally this month. Kotak Bank, Sun Pharma, Bajaj Finserv and State Bank of India were among the top losers on the BSE Sensex index. Sun Pharma, Cipla, Bajaj Finserv and Zeel and were among the stocks that lost the most on the NSE Nifty 50 Index. Only Oil and Natural Gas Corporation and Tata Consultancy Services gained on both the indices.
The rupee also retreated after hitting near six-month highs, ended trading at 73.61/62 per dollar, Reuters reported.