MUMBAI — India’s benchmark stock indices trimmed sharp intraday losses on Monday, aided by late buying in defence stocks, though markets still closed lower amid cautious sentiment tied to ongoing geopolitical tensions in West Asia.
The Nifty 50 ended down 0.86 percent, or 207.95 points, at 23,842.65, while the Sensex fell 0.91 percent, or 702.68 points, to close at 76,847.57.
Both indices had dropped more steeply earlier in the session before recovering in the final hours of trading, as investors selectively bought into sectors seen as resilient in a volatile environment.
Market participants remained cautious throughout the day, closely monitoring developments in West Asia, which continued to weigh on risk appetite.
Among Nifty stocks, HDFC Life Insurance Company, ICICI Bank, and Adani Enterprises were among the top gainers, helping limit the benchmark’s losses. On the Sensex, Axis Bank, NTPC, and ICICI Bank were among the few stocks that ended in positive territory.
On the downside, Maruti Suzuki India, IndiGo, Bajaj Finance, and Tata Consultancy Services were among the biggest laggards, with some stocks falling as much as 4.6 percent.
Broader markets also recovered from their lows but remained in negative territory by the close. The Nifty MidCap index declined 0.54 percent, while the Nifty SmallCap index slipped 0.38 percent.
Sectorally, auto and oil and gas stocks saw the most selling pressure, with both indices posting the sharpest declines. FMCG and IT stocks also weighed on the market.
In contrast, metal stocks showed relative resilience, recording the smallest losses among sectoral indices. The Nifty India Defence index stood out as a top performer, drawing investor interest amid heightened geopolitical uncertainty.
Analysts said that while the late-session rebound helped cushion losses, overall market sentiment remains fragile.
Technically, analysts expect the Nifty to face immediate resistance around the 23,900 level, followed by the key 24,000 mark.
“On the downside, the 23,500–23,600 band remains a crucial support area, where strong buying interest has been observed,” an analyst said.
“A break below this zone could expose the index to further downside toward 23,300 and 23,000, both supported by open interest build-up and prior price structure,” a market expert added.
Despite the recovery, analysts said continued global uncertainty is likely to keep markets volatile in the near term. (Source: IANS)
