Indian stocks seemed to have lost some steam as they declined for the second consecutive session on Monday primarily due to mild profit booking. The latest slump in stocks comes after a five-week long consistent rally in the benchmark indices – Sensex and Nifty.
At 9.26 a.m., Sensex traded at 59,230.99 points, down 415.16 points or 0.70 per cent, whereas Nifty traded at 17,632.80 points, down 125.65 points or 0.71 per cent.
Among the Nifty 50 stocks, 43 of them declined this morning, while the remaining 7 managed to trade in the green, National Stock Exchange data showed.
“Investors have to exercise caution. Medium to long-term investors can buy highquality banks on declines. Capital goods and autos are on a strong wicket,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Major Asian shares too declined on Monday amid concerns over global growth as most major banks keep raising lending rates, said Deepak Jasani, Head of Retail Research at HDFC securities.