The NIFTY50 and SENSEX indices have continued to decline, with several top stocks contributing to the losses. HDFC Bank, ICICI Bank, and Larsen & Toubro (L&T) were the top index drizzles, leading the indices lower. The NIFTY50 has dropped by 1.14% to end at 17,341.45, while the SENSEX has fallen by 1.07% to 56,421.84.
The decline in HDFC Bank, ICICI Bank, and L&T was driven by various factors, including valuations, interest rates, and concerns about their individual performance. HDFC Bank, in particular, is facing challenges in its retail business, while ICICI Bank has been impacted by concerns over its asset quality.
Moreover, L&T has been experiencing pressure due to concerns over its construction business. The performance of these heavyweights has weighed on the broader market, leading to the decline in the indices. However, it is worth noting that not all stocks have participated in the decline, with some sectors such as technology and energy remaining resilient.