MUMBAI– Indian equity markets started the week on a negative note Monday, dragged down by heavy selling in IT stocks and rising global trade tensions following fresh tariff threats from the United States.
The benchmark Sensex closed at 82,253.46, falling 247.01 points or 0.30% from its previous close of 82,500.47. The 30-share index opened in positive territory at 82,537.87 but dropped to an intraday low of 82,010.38 as selling pressure mounted, particularly in technology stocks such as TCS and Tech Mahindra.
The broader Nifty 50 index also ended lower, declining 67.55 points or 0.27% to close at 25,082.30.
Top laggards on the Sensex included TCS, Tech Mahindra, Infosys, Asian Paints, HCL Tech, Reliance Industries, Bajaj Finance, Tata Motors, and Kotak Mahindra Bank. On the flip side, Adani Ports, Titan, Mahindra & Mahindra, ITC, and Eternal ended the day in the green.
Across the Nifty 50, 22 stocks advanced, 27 declined, and one remained unchanged.
“The market decline was largely driven by renewed global trade concerns after the U.S. announced plans to impose a 30% tariff on most imports from the EU and Mexico beginning August 1, despite ongoing negotiations,” said Sundar Kewat of Ashika Institutional Equity.
Interestingly, while frontline indices remained subdued, broader markets saw notable gains. The Nifty Smallcap 100 rose 1.02% (191.50 points), while the Nifty Midcap 100 climbed 0.70% (410.35 points).
Sector-wise, the Nifty IT index suffered the most, falling 419 points or 1.11%. However, Nifty Auto, Nifty FMCG, and Nifty Bank all managed to close in positive territory.
The Indian rupee also weakened following U.S. President Donald Trump’s latest tariff threats.
“These announcements have intensified global trade concerns, increasing risk aversion among investors and weighing on Asian currencies,” said Dilip Parmar of HDFC Securities.
Rupak De, Senior Analyst at LKP Securities, noted that investor sentiment was further dampened by caution ahead of key Consumer Price Index (CPI) data from both India and the U.S.
“Technically, the Nifty dipped toward the 25,000 level intraday, which is close to its 50-day moving average (DMA). Support is seen around 24,900–24,950. If that zone holds, a rebound toward 25,350 is possible. However, a break below 24,900 could trigger a deeper correction,” De explained. (Source: IANS)
