The stock markets closed on a negative note on Monday.
The Nifty was down 1.66 per cent to close at 5,235, losing 89 points while the Sensex fell 1.51 per cent or 264 points and closed at 17,223 on the back of weak US employment data released last week.
Metal, capital goods and power were the worst hit while healthcare and pharma were the only sectors to close in the green.
“Markets in India opened lower after a long weekend and continued to drift lower during the day. Most of the sectors were at the receiving end and several mid-caps were even bigger losers. The weakness came in largely from the global arena, after the weak payrolls data in the US led to lower Asian markets,” said Mr Dipen Shah, Head- Fundamental Research, Kotak Securities
“Participation was likely lower and so were the volumes on Monday. The GAAR issue may have had an impact, with foreign investors awaiting further clarity before committing additional funds. Action on the reforms front is a pre-requisite for the markets to sustain and move up from the current levels,” he added.
Volatility was up, with the India Vix closing up almost 8.24 per cent at 22.33.
Ranbaxy, Dr Reddy, Cipla, HUL and Bajaj Auto were the top Nifty gainers while Hindalco, Cain, IDFC, Sterlite and BHEL Ranbaxy were the losers on the Nifty.