Markets continue to fall for second day; Sensex declines 85 points, Nifty ends above 17,000

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Benchmark indices continued their downtrend on Monday, with the Sensex falling 84.88 points, tracking selling in index majors Infosys and Reliance Industries along with weak global equities.

The 30-share BSE benchmark went lower by 84.88 points or 0.15 per cent to settle at 56,975.99 after recovering some lost ground during the fag-end of trade. During the day, it tanked 648.25 points or 1.13 per cent to 56,412.62. The NSE Nifty declined 33.45 points or 0.20 per cent to close at 17,069.10.

From the Sensex pack, Titan, Wipro, Tech Mahindra, Infosys, Maruti, Asian Paints, Larsen & Toubro and SBI were among the major laggards. In contrast, IndusInd Bank, NTPC, Power Grid, Tata Steel, HDFC and ITC were among the gainers.

Elsewhere in Asia, markets in Seoul and Tokyo settled lower, while Shanghai and Hong Kong were closed for holidays. Bourses in Europe were also trading lower in the afternoon session. Stocks in the US had ended significantly lower on Friday.

Meanwhile, international oil benchmark Brent crude declined 2.61 per cent to USD 104.3 per barrel.

Foreign institutional investors offloaded shares worth a net Rs 3,648.30 crore on Friday, after they turned net buyers on Thursday, according to stock exchange data.

"The recent hawkish turn by Fed has made investors extra cautious ahead of the upcoming Fed meeting triggering high volatility in the market. The rising dollar index, FII selling spree and elevated commodity prices further hammered the risk sentiment. On the other hand, domestic numbers like GST collection, auto sales numbers and manufacturing PMI for the month of April gave a sense of an improving economic outlook," said Vinod Nair, Head of Research at Geojit Financial Services.

Equity markets will remain closed on Tuesday for Eid-Ul-Fitr.