Indian equity benchmarks closed lower on Monday, weighed down by selling in heavyweight stocks and weak global cues. Investor sentiment remained cautious throughout the session amid mixed corporate earnings and ongoing global uncertainties.
The Sensex declined 324.17 points, or 0.39 per cent, to close at 83,246.18, while the Nifty slipped 108.85 points, or 0.42 per cent, to end at 25,585.5.
Heavyweights Drag Benchmarks
Benchmark indices came under pressure primarily due to losses in select large-cap stocks. Shares of index heavyweights such as Reliance Industries, ICICI Bank, and HDFC Bank witnessed selling following their quarterly results, emerging as key drags on the market.
Profit-booking was evident in stocks that had posted strong gains in recent weeks. This stock-specific selling limited any recovery and kept the indices in negative territory for most of the trading session.
Cautious Trade Amid Global Uncertainty
Market sentiment remained subdued as investors weighed domestic earnings outcomes against weak global signals. Uncertainty in international markets and selective sectoral selling prompted participants to stay cautious, resulting in muted risk-taking across the board.
Nifty Shows Technical Weakness
On the technical front, the Nifty continued to trade under bearish control, remaining below its 20-day Exponential Moving Average (EMA) throughout the session. This indicates that selling pressure continues to dominate the near-term trend.
Analysts said immediate support lies near 25,494, the day’s low. A break below this level could push the index towards the 25,400–25,350 range. On the upside, a sustainable recovery would require the Nifty to move back above the 25,600–25,700 zone, which now acts as a key resistance area.
Market Outlook
With global cues remaining fragile and earnings-driven volatility persisting, experts suggest investors maintain a cautious stance in the near term. Market direction is expected to remain stock-specific, with technical levels likely to guide the next move in benchmark indices.