Indian stock markets ended lower on Monday in a choppy trading session, with the benchmark Sensex declining 114 points to close at 77,339. The broader Nifty of the National Stock Exchange slipped 21 points to finish at 23,543. The markets witnessed volatility throughout the day due to mixed global cues and profit-booking at higher levels.
Market Performance
The 30-share BSE Sensex opened on a positive note but soon gave up gains to trade in the red. It touched an intraday high of 77,598 and a low of 77,252 before closing at 77,339. The Nifty 50 index moved in a range of 23,649 and 23,497 before settling at 23,543. Sectoral indices presented a mixed picture, with auto, banking, and IT stocks facing selling pressure, while pharma and FMCG shares witnessed some buying interest.
Top Gainers and Losers
Among the Sensex constituents, Mahindra & Mahindra, Nestle India, and Sun Pharma were the top gainers, rising up to 1.5 percent. On the other hand, Tata Motors, IndusInd Bank, and Bajaj Finserv were the major losers, declining up to 2 percent. In the broader market, the BSE midcap index ended flat, while the smallcap index gained 0.3 percent.
Global Cues Impact
Asian markets ended mixed, with Japan's Nikkei and Hong Kong's Hang Seng closing lower, while China's Shanghai Composite ended in the green. European markets were trading marginally higher in early deals. US stock futures indicated a flat opening, adding to the cautious sentiment among domestic investors.
Investor Sentiment
Market participants remained cautious ahead of key economic data releases and the ongoing quarterly earnings season. Foreign institutional investors (FIIs) were net sellers in the cash market on Friday, while domestic institutional investors (DIIs) were net buyers. The volatility index India VIX eased slightly, indicating a marginal decline in market fear.
Technical View
Analysts said the Nifty formed a small bearish candle on the daily chart, indicating consolidation. The index is likely to find support at 23,400 and face resistance at 23,700. A breakout on either side could set the direction for the near term. The broader trend remains positive as long as the index holds above the 23,200 level.
In the currency market, the Indian rupee weakened marginally against the US dollar, closing at 83.58 per dollar. Bond yields remained stable, with the 10-year benchmark yield at 7.02 percent.
