Markets close lower; Financial stocks underperform

Financial stocks witnessed selling pressure with stocks like SBI, Kotak Bank & Bandhan Bank leading the laggards.

Jan 21, 2021 03:01 IST India Infoline News Service

Bear Market
Markets posted wild swing during the day with Nifty index giving up all its opening gains during the closing part of the trade to close lower.

Bank Nifty under the Nifty index by 1% with both the indices witnessing profit booking. Financial stocks witnessed selling pressure with stocks like SBI, Kotak Bank & Bandhan Bank leading the laggards.

Midcap 100 index closed lower by 1%. Market breadth ended in the favour of the declines with the advance/decline ratio closing at 1:2x. Nifty and Bank Nifty index saw an unwinding of long positions during the day.

On the options front (January 28, 2020 expiry), across the board option writing was seen in call option strikes as Nifty trended lower. India Vix index closed at 22.3, up ~3%.
Top 2 F&O Gainers: HAVELLS & APOLLOTYRE
Top 2 F&O Losers: IGL & BHEL
Nifty -14 @14,631
Bank Nifty - 262 @32,282

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