Mumbai– Indian equity benchmarks ended lower on Monday following a choppy day of trade, despite signs of buying interest in some global markets.
The Sensex fell 331.21 points, or 0.39 per cent, to close at 84,900.71, while the Nifty declined 108.65 points, or 0.42 per cent, to settle at 25,959.5.
Analysts said domestic institutional investors continued to buy on dips, but the overall structure weakened as the Nifty ended below the 26,000 mark, suggesting scope for a further decline toward the 25,800–25,750 range. They added that a move back above 26,150 would be needed to revive momentum and retest the record high of 26,277.
Among major gainers on the Sensex were Infosys, Tech Mahindra, Asian Paints, Adani Ports and Sun Pharma. The index was dragged down by losses in BEL, Tata Steel, Mahindra & Mahindra and Tata Motors’ passenger vehicles business.
The real estate sector took the heaviest hit, with the Nifty Realty index slipping 2.05 per cent. Metal and chemical stocks also weakened, with Nifty Metal declining 1.23 per cent and Nifty Chemicals down 1.31 per cent.
IT stocks, however, bucked the broader trend. The Nifty IT index rose 0.41 per cent on the back of gains in major technology companies.
The weakness extended across the broader markets. The Nifty Midcap 100 fell 0.32 per cent, while the Nifty Smallcap 100 dropped 0.85 per cent.
The rupee began the session strong, opening at 89.20 and recovering 0.35 rupees, or 0.39 per cent, after Friday’s sharp fall to an all-time low near 89.65.
Experts attributed last week’s decline in the currency to delays in the India–U.S. trade deal, the lack of concrete developments on negotiations, a stronger U.S. dollar index, and limited signs of intervention in forex markets. Despite Monday’s rebound, analysts warned the rupee remains vulnerable and could trade in a volatile 88.75–89.50 range over the near term. (Source: IANS)
