Indian stock markets closed lower on Monday due to significant selling in key heavyweight stocks, along with cautious global cues. The decline was driven by pressure on specific stocks following quarterly results from major companies like Reliance Industries, ICICI Bank, and HDFC Bank, which acted as major drags on the market. The Sensex concluded at 83,246.18, down by 324.17 points or 0.39%, while the Nifty settled at 25,585.5, falling by 108.85 points or 0.42%.
The Nifty remained under bearish control, staying below the 20 EMA throughout the session. Market experts indicated that immediate support is positioned at 25,494 (today’s low), with a deeper support zone between 25,400–25,350. Analysts observed intra-day profit booking and underlying weakness, making the Nifty susceptible to further downside unless a strong rebound occurs above the 25,600–25,700 zone.
Global sentiment was weak as US President Donald Trump threatened to impose taxes on several European countries, following opposition to his Greenland acquisition bid by some European nations. This added to uncertainty in global markets, impacting investor sentiment. Realty, oil and gas, and media sectors experienced selling pressure, with the Nifty Realty index dropping nearly 2% and Nifty Oil & Gas declining about 1.56%.
In contrast, the Nifty FMCG index rose by 0.67%, supported by specific consumer stocks, while the Nifty Auto index saw a marginal increase of 0.13%. The broader market also displayed weakness, with the Nifty Midcap 100 index closing 0.37% lower and the Nifty Smallcap index falling by 0.99%. Analysts noted that market participants remained cautious amid mixed corporate earnings and rising global uncertainties, resulting in a subdued finish for Indian equities. They anticipate stock-specific volatility during the ongoing Q3 earnings season due to a blend of global uncertainty and domestic triggers.
