Markets closed lower; Largecap stocks underperformed

Markets witnessed a volatile day of trade as across the board selling pressure weighed in during the closing part of the trade.  

Nifty underperformed the Bank Nifty index by ~0.35% with both the indices closing at intraday lows.

Large cap stocks were among the laggards as the major heavyweight stocks like HDFC Twins & Reliance Industries closed with a ~2% cut along with an addition of fresh short positions.

Nifty Midcap index closed ~0.3% lower.

Market breadth ended in the favour of the declines with the advance/decline ratio closing at 2:3x. Nifty saw an addition of short positions during the day.

On the options front (May 07, 2021 expiry), across the board writing was seen in the call option strikes as Nifty trended lower. India Vix index closed at 23, down ~3%.