Mumbai– Indian equity markets kicked off the week on a weak note as benchmark indices closed lower on Monday, weighed down by profit booking at higher levels.
The BSE Sensex dropped 271.17 points, or 0.33%, to end the session at 82,059.42. Similarly, the NSE Nifty declined by 74.35 points, or 0.30%, to close at 24,944.85.
“The index appears to be in a consolidation phase and could remain under pressure unless it reclaims the 25,000 mark,” said Rupak De, Senior Technical Analyst at LKP Securities. “On the downside, the Nifty could drift toward the 24,800–24,750 range. A deeper correction may follow if it breaks below 24,750. However, a move above 25,000 could trigger a rally toward 25,250–25,350,” he added.
Among the major laggards on the 30-share Sensex were technology stocks. Infosys slid 1.95%, Tata Consultancy Services (TCS) fell 1.20%, and Tech Mahindra declined 1.19%. Asian Paints lost nearly 1%, while Eternal (formerly Zomato) dropped around 3% during intraday trade.
On the upside, Power Grid Corporation led the gainers with a 1.27% increase, followed by Bajaj Finance, which rose 0.91%. NTPC gained 0.64%, State Bank of India (SBI) added 0.32%, and HDFC Bank closed slightly higher with a 0.17% gain.
While frontline stocks faced selling pressure, the broader markets showed resilience. The Nifty Smallcap100 index advanced 0.51%, and the Nifty Midcap100 posted a modest gain of 0.07%, indicating investor interest in select mid- and small-cap stocks.
Among sectoral indices, Nifty Realty surged 2.25%, and PSU Bank climbed 1.50%, emerging as the top performers. Other sectors ending in the green included Bank Nifty, Auto, Financial Services, Metal, Pharma, and Healthcare, reflecting selective buying across segments.
However, IT, FMCG, Media, Consumer Durables, and Oil & Gas sectors ended in the red, with the Nifty IT index falling 1.37%, making it the worst-performing sector of the day.
Market volatility saw a notable uptick. The India VIX, often referred to as the market’s fear gauge, rose 4.89% to settle at 17.36, signaling increased investor nervousness.
Meanwhile, gold prices started the week on a stronger footing as safe-haven demand picked up following Moody’s downgrade of the U.S. sovereign credit rating from AAA to AA1. Ongoing concerns over trade tariffs and geopolitical tensions in the Middle East also supported bullion prices.
“Market focus this week will remain on U.S. economic data, including manufacturing and services PMI, as well as housing figures,” said Pranav Mer of JM Financial Services Ltd. (Source: IANS)
