Mumbai, Nov 4 (IANS): Sensex shed more than 900 points on Monday, as both Sensex and Nifty saw a decline of more than 1 per cent each, amid uncertainty over the results of the US presidential election and the Federal Reserve's monetary policy meeting this week.
There was some recovery in the market at the end of trading after the Sensex tanked more than 1,300 points in the morning trade.
The BSE Sensex closed down 941.88 points or 1.18 per cent. On the other hand, the NSE Nifty closed at 23,995.35 after falling 309 points or 1.27 per cent.
Mid and small cap indices also fell by 2 per cent. Nifty Bank fell 458.65 points or 0.89 per cent to 51,215.25. The Nifty Midcap 100 index closed at 55,784.55 after falling 711.50 points or 1.26 per cent at the end of trading. The Nifty Small cap 100 index closed at 18,424.65 after rising 370.25 points or 1.97 per cent.
There was heavy selling in the realty, energy, media, infra and commodities sectors of Nifty. At the same time, auto, financial services, FMCG and metal sectors also remained in the red with a decline of 1 per cent.
The market trend remained negative. On the Bombay Stock Exchange (BSE), 1,357 stocks were trading in the green, 2,705 stocks in the red. At the same time, there was no change in 137 shares.
Reliance, Sun Pharma, Bajaj Finserv, NTPC, Tata Motors, Axis Bank, Titan, Power Grid, Tata Steel and Bharti Airtel were the top losers in the Sensex pack. On the other hand, M&M, Tech Mahindra, SBI, HCL Tech, Infosys and IndusInd Bank were the top gainers.
The market cap of Bombay Stock Exchange (BSE) fell by nearly Rs 6 lakh crore to Rs 442 lakh crore due to the decline.
According to market experts, the Nifty has corrected below 24,000 as the index slipped from its recent consolidation pattern. Sentiment will likely remain weak in the short term or until it decisively moves above 24,100.
It might extend its correction towards 23,650 and lower on the lower end. On the other hand, a decisive move above 24,100 could trigger a rally towards 24,500, they said.
The US Federal Reserve's policy announcement will be on November 7.