Nifty Falls 1.11% as Banking Stocks Drag Markets

The Indian stock market closed sharply lower on Monday, October 19, with the Nifty 50 falling 257.20 points (1.11%) to 22,888.95, while the Sensex declined 876.38 points (1.17%) to 73,852.90. Selling in private banking and IT stocks, elevated crude oil prices, and concerns over quarterly earnings weighed on investor sentiment. Top Nifty 50 gainer:

: Rose 2.06% to ₹1,241.30, leading benchmark gains, followed by ONGC, which advanced 1.35%. Top Nifty 50 loser: Axis Bank: Dropped 4.19% to ₹1,236.00, despite reporting higher quarterly profit, as investors focused on earnings expectations and pressure on margins. Banking stocks weighed on sentiment: Private-sector lenders came under pressure, while the Nifty PSU Bank index gained around 2.5%, supported by positive reactions to earnings from Punjab National Bank and Union Bank of India. IT stocks reversed some recent gains: The Nifty IT index declined 1.3%, with Infosys falling 2.6%. Weakness in technology stocks added to the pressure on the benchmark indices. Broader markets also weakened: The Nifty Midcap 100 fell 1.09%, while the Nifty Smallcap 100 declined around 1%, indicating widespread selling beyond large-cap stocks.