Mumbai— Indian equity markets started the week on a weaker note, with benchmark indices closing lower on Monday amid profit booking at higher levels.
The BSE Sensex fell 271.17 points, or 0.33%, to close at 82,059.42, while the NSE Nifty dropped 74.35 points, or 0.30%, to settle at 24,944.85.
“The index appears to be in a consolidation phase and may remain under pressure unless it reclaims the 25,000 mark,” said Rupak De, Senior Technical Analyst at LKP Securities. He added that Nifty could slip to the 24,750 zone if support levels are breached, but a move above 25,000 could spark a rally toward 25,350.
Among the laggards were Infosys (-1.95%), TCS (-1.20%), Tech Mahindra (-1.19%), and Asian Paints (-1%). Eternal (formerly Zomato) fell nearly 3% during intraday trade.
On the upside, Power Grid Corporation led gainers with a 1.27% rise, followed by Bajaj Finance (+0.91%), NTPC (+0.64%), SBI (+0.32%), and HDFC Bank (+0.17%).
Despite weakness in large-cap stocks, broader markets held firm. The Nifty Smallcap100 rose 0.51%, while the Nifty Midcap100 edged up 0.07%, indicating selective investor interest.
Nifty Realty (+2.25%) and PSU Bank (+1.50%) were top-performing sectors. Other gainers included Auto, Financial Services, Metal, Pharma, and Healthcare.
However, IT, FMCG, Media, Consumer Durables, and Oil & Gas sectors ended in the red, with the Nifty IT index down 1.37%, making it the day’s worst performer.
Volatility also climbed, with the India VIX rising 4.89% to 17.36.
Meanwhile, gold prices gained as safe-haven demand picked up following Moody’s downgrade of the U.S. credit rating to AA1. Ongoing concerns over trade tariffs and geopolitical tensions also supported bullion.
“Key data to watch this week includes U.S. manufacturing and services PMI, along with housing reports,” said Pranav Mer of JM Financial Services. (Source: IANS)
