Mumbai: The Indian stock market ended the first trading session of the week in negative territory on Monday, amid selling in IT stocks and fresh global trade tensions over US tariffs.
Sensex closed at 82,253.46, down 247.01 points or 0.30 per cent against last session’s closing of 82,500.47.
The 30-share index opened in green at Rs 82,537.87; however, the index fell to touch an intraday low at 82,010.38, following selling in IT stocks like TCS, Tech Mahindra and others.
Nifty settled at 25,082.30, down 67.55 points or 0.27 per cent.
TCS, Tech Mahindra, Infosys, Asian Paints, HCL Tech, Reliance Industries, Bajaj Finance, Tata Motors, and Kotak Bank were the top losers from the Sensex basket.
While Eternal, Adani Ports, Titan, Mahindra and Mahindra ITC were settled in green.
Meanwhile, from Nifty, 22 stocks advanced, 27 declined, and one remained unchanged.
“The decline was primarily driven by renewed global trade tensions, as the US announced its intention to impose a 30 per cent tariff on most imports from the EU and Mexico, starting August 1, despite ongoing negotiations,” said Sundar Kewat from Ashika Institutional Equity.
In contrast, lacklustre trading in heavyweights, Nifty Smallcap 100 and Nifty Midcap 100 rallied significantly among broader indices. Nifty Smallcap 100 rose 1.02 per cent or 191.50 points, and Nifty Midcap 100 closed 410.35 points or 0.70 per cent high.
Nifty IT fell 419 points or 1.11 per cent, while Nifty Auto, Nifty FMCG, and Nifty Bank settled in positive territory.
The Indian rupee depreciated following fresh tariff threats from U.S. President Donald Trump.
“These threats have escalated global trade tensions, leading to increased risk aversion among investors and subsequently weighing down other Asian currencies as well,” said Dilip Parmar from HDFC Securities.
Rupak De from LKP Securities said participants are awaiting CPI data from both India and the US, which is further dampening overall sentiment.
Technically, the index slipped towards 25,000 on an intra-day basis, which is very close to the 50-DMA. On the lower end, support is placed at 24,900–24,950. If this zone holds, a rally towards 25,350 looks possible. However, failure to sustain above 24,900 may trigger a deeper phase of correction,” he noted.
(IANS)
