Indian shares traded lower on Monday, as investors sold off HDFC and HDFC Bank after the companies traded ex-dividend today. The benchmark Sensex fell 0.89% to 32,822.51 points, while the wider Nifty 50 index dropped 0.86% to 9,851.30. Both indexes had earlier hit all-time highs on Friday.
HDFC and HDFC Bank each traded ex-dividend today, sending their shares down over 2%. HDFC declined 2.3% and HDFC Bank dropped 2.6%. Other banking stocks also traded lower, with ICICI Bank, State Bank of India, and Axis Bank all down more than 1%.
Meanwhile, IT stocks rose, led by a 2.9% gain in Tata Consultancy Services. In the broader market, mid- and small-cap stocks outperformed, as the Nifty Midcap 100 and Nifty Smallcap 100 indexes rose 0.2% and 0.6%, respectively.