BENGALURU, Sept 14 (Reuters) - India's main stock indexes
snapped two sessions of gains to end a tad lower on Monday,
dragged by banks and heavyweight Reliance Industries Ltd
, although a rally in IT stocks after HCL Technologies
raised its outlook capped losses.
The NSE Nifty 50 index closed 0.21% lower at
11,440.05, while the S&P BSE Sensex ended down 0.25% at
Top private-sector lender HDFC Bank Ltd dropped
1.9% and was the biggest drag on the indexes, while ICICI Bank
Ltd fell 1.8%. The Nifty Bank Index slid
"(The) market is in an over-bought zone, so sentiment is
weak," said Rahul Sharma, market strategist and head of research
at Equity99 markets, adding, there would be volatility in the
Buoyed by a flush of liquidity in global markets, India's
main stock indexes have rallied more than 50% since a
coronavirus-led selloff in March, even as domestic cases soared.
On Monday, however, the Nifty Smallcap 100
jumped 5.4% and the Nifty Midcap 50 Index rose 2.6%
after the country's markets regulator said multi-cap funds must
invest at least 25% each in large-cap, mid-cap and small-cap
IT firm HCL Technologies Ltd was the biggest
percentage gainer on the Nifty, jumping 10.2% to a record high
after it upgraded revenue and operating margin outlook for the
It gave a fillip to IT stocks, pushing the Nifty IT index
4.7% higher to an all-time peak.
Reliance Industries ended 0.7% lower after hitting a record
high earlier in the session, after local daily Mint reported
that private equity firm Carlyle Group was looking to
invest up to $2 billion in the conglomerate's retail business.
Investors are also awaiting August inflation data due later
in the day, likely to have stayed above the central bank's
medium-term target range for the fifth straight month, according
to a Reuters poll.
(Reporting by Chris Thomas and Chandini Monnappa in Bengaluru;
editing by Uttaresh.V and Rashmi Aich)