Benchmark equity indices saw a significant decline on Monday, driven by losses in FMCG, PSU banking, auto, and realty stocks. The Nifty closed at 23,382.60, down by 0.7%, while the Sensex fell by 0.68% to end at 74,267.34.
Experts analyzing the Nifty technical outlook highlighted that the immediate resistance level is expected at 23,500 post the breakdown, with a stronger resistance zone ranging from 23,600 to 23,750. On the downside, the breach below 23,500 has weakened the near-term structure, potentially leading to further downside towards the 23,300–23,250 support zone.
Selling pressure was evident in broader markets too, with Nifty Midcap 100 declining by 1.45% and Nifty Smallcap finishing 0.88% lower. Notably, Hindustan Unilever, Shriram Finance, and Tata Consumer Products were among the major losers within the Nifty constituents.
In contrast, Tech Mahindra, Infosys, TCS, and HCl Tech stood out as top gainers among Sensex stocks. Meanwhile, Hindustan Unilever, ITC, NTPC, Mahindra and Mahindra, Kotak Mahindra Bank, and Bajaj Finance witnessed drops of up to 2.83%.
The Nifty FMCG index performed the poorest for the day, followed by the Nifty PSU Bank, Auto, and Realty sectors. Conversely, the Nifty IT, Metal, and Media indices outperformed the market, helping to mitigate losses.
Market focus remained on global developments following US President Donald Trump’s indication of pursuing a deal with Iran to prevent Tehran from acquiring nuclear weapons. Looking ahead, market experts emphasized monitoring upcoming RBI policy decisions and GDP data releases for further market direction.
