Markets Slip After Choppy Trade On Monday

Indian equity markets ended lower on Monday following a volatile session, even as global indices showed pockets of buying interest.

The Sensex declined 331.21 points (0.39%) to close at 84,900.71, while the Nifty fell 108.65 points (0.42%) to finish at 25,959.5.

Analysts noted that “domestic institutions continued to absorb dips, but the structure weakened as the index closed below 26,000, opening room for a slide toward 25,800–25,750.”

They added that “a move back above 26,150 is essential to revive momentum and retest the all-time high of 26,277.”

Among the Sensex constituents, Infosys, Tech Mahindra, Asian Paints, Adani Ports and Sun Pharma were the notable gainers.

Losses in BEL, Tata Steel, M&M and Tata Motors’ passenger vehicle arm weighed on the index.

Sectorally, real estate stocks saw the sharpest decline, with the Nifty Realty index falling 2.05%.

Metal and chemical stocks also weakened, dragging the Nifty Metal index down 1.23% and Nifty Chemicals down 1.31%. 

In contrast, the IT sector bucked the trend, with the Nifty IT index rising 0.41% on the back of gains in major technology companies.

Broader markets mirrored the weakness.

The Nifty Midcap 100 index slipped 0.32%, while the Nifty Smallcap 100 index dropped 0.85%.

The rupee began the day on a stronger note, opening at ₹89.20, a gain of ₹0.35 (0.39%), after Friday’s sharp slide to near-record lows around ₹89.65.

Experts said “last week’s decline was largely attributed to delays in the India–US trade deal, lack of any concrete updates on progress, a rising US dollar index, and the absence of visible intervention at lower levels.”

They added that “despite today’s bounce, the broader trend looks weak, and the rupee is expected to trade within a volatile range of ₹88.75–₹89.50 in the near term.”

—IANS