The Indian stock market lost momentum on Monday, with benchmark indices falling after two consecutive sessions of gains. Weakness in heavyweight private bank stocks, persistent pressure from crude oil prices and foreign portfolio investor (FPI) outflows dragged the broader market lower.
The BSE Sensex dropped 765 points, or 1.02%, to 73,964, while the Nifty 50 declined 224 points, or 0.97%, to 22,923 during intraday trade. The Nifty Midcap 100 and Nifty Smallcap 100 indices also fell 0.65% and 0.75%, respectively.
Why Is the Indian Stock Market Falling?
Four major factors contributed to Monday’s market decline.
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1. HDFC Bank, ICICI Bank and Axis Bank Shares Fall
Private banking stocks weighed heavily on the benchmark indices following their September-quarter earnings announcements. HDFC Bank, ICICI Bank and Axis Bank accounted for more than half of the selling pressure in the Sensex, according to the report.
HDFC Bank shares declined nearly 3% amid concerns over senior management changes, despite analysts expressing optimism about its earnings performance. Axis Bank fell around 5% after its quarterly results disappointed expectations, with Elara Capital flagging weaker core fundamentals compared with peers. The private bank index declined 1.7%, adding to the pressure on the broader market.
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