Among sectors, most of the leading sectoral indices registered intraday profit booking, but the PSU Banks index lost the most, shedding 5 per cent. Technically, after a muted open, the market consistently faced selling pressure at higher levels.
"A bearish candle on daily charts and a lower top formation on intraday charts indicate further weakness from the current levels. We are of the view that as long as the market is trading below 24500/81000, the weak sentiment is likely to continue. On the lower side, the market could retest the level of 24250/80300. Further downside may also continue, which could drag the index down to 24175/80000. On the other side, a dismissal of 24500/81000 could push the market up to 24580-24625/81300-81400. The current market texture is non-directional; hence, levels-based trading would be the ideal strategy for day traders," said Shrikant Chouhan, Head Equity Research, Kotak Securities.
The broader markets too ended in the red, with the Nifty Midcap 100 index dipping 2.17 per cent to 53,435.85 points and the Nifty Smallcap 100 index fell 2.50 per cent to 16,195.20 points at the end of the session.
From the Sensex 30 pack, Bharati Airtel, Tata Steel, Mahindra & Mahindra, Hindustan Unilever and Nestle India were among the gainers, with Bharti Airtel zooming over 1.66 per cent.
Eternal, Tata Motors, State Bank of India, Adani Port, and NTPC were among the laggards, with Eternal falling 3.08 per cent.
Meanwhile, Foreign Institutional Investors (FIIs) injected Rs 497.79 crore on Monday, while Domestic Institutional Investors (DIIs) bought shares worth Rs 2,788.66 crore, according to exchange data.
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