Markets close lower, Banking stocks outperform

4 Mar 2022 , 03:28 PM

Markets witnessed a sharp selloff during the second half of the trade as across the board short selling weighed in.

Bank Nifty outperformed the Nifty index by ~0.2% with both the indices closing ~1.8%/1.6% lower.

Across the board selling was seen in major heavyweights with stocks like Reliance, Axis Bank & HDFC LTD contributing majority of the loses for the index, along with an addition of heavy short positions. Nifty Midcap 100 index closed ~2.1% lower.

Market breadth ended in the favour of the declines with the advance/decline ratio closing at 1:4x. Bank Nifty saw an unwinding of short positions during the day.

On the options front (March 31, 2021 expiry), across the board writing was seen in the call option strikes as the Bank Nifty index trended lower. India Vix index closed at 28, down ~1. %.

Top 2 F&O Gainers:	DR REDDYS & ITC
Top 2 F&O Losers:	TVS MOTORS & INFOEDGE
Nifty	-253 @16,245
Bank Nifty	-537 @34,408