Mumbai: Indian stock markets ended lower on Monday as heavy selling in select heavyweight stocks dragged the benchmarks down, while global cues also remained cautious.
The decline was largely led by stock-specific pressure after quarterly results from major companies such as Reliance Industries, ICICI Bank, and HDFC Bank, which emerged as the biggest drags on the market.
At the close, the Sensex ended at 83,246.18, down 324.17 points or 0.39 per cent. The Nifty settled at 25,585.5, falling 108.85 points or 0.42 per cent.
The Nifty remained under bearish control, with the index sustaining below the 20 EMA throughout the session.
“Immediate support is placed at 25,494 (today’s low), followed by a deeper support zone at 25,400–25,350,” an expert stated.
“Intra-day action reflects profit booking and underlying weakness, leaving Nifty vulnerable to further downside unless a sharp rebound emerges above the 25,600–25,700 zone,” as per the analyst.
Global sentiment remained weak during the session after US President Donald Trump threatened to impose taxes on several European countries.
The warning came after some European nations opposed his bid to acquire Greenland, adding to uncertainty in global markets and weighing on investor mood.
Sector-wise, realty, oil and gas, and media stocks witnessed selling pressure. The Nifty Realty index slipped nearly 2 per cent, while Nifty Oil & Gas fell about 1.56 per cent.
The Nifty Media index also declined sharply, ending the day down 1.84 per cent. Some buying interest was seen in defensive pockets.
The Nifty FMCG index gained 0.67 per cent, supported by select consumer stocks, while the Nifty Auto index edged up marginally by 0.13 per cent.
In the broader market, weakness persisted as well. The Nifty Midcap 100 index closed 0.37 per cent lower, while the Nifty Smallcap index underperformed, falling 0.99 per cent.
Analysts said that market participants remained cautious amid mixed corporate earnings and rising global uncertainties, leading to a subdued close for Indian equities.
“With the Q3 earnings season progressing, stock specific volatility is likely, particularly where performance has been mixed,” the analyst said.
“Given the blend of global uncertainty and domestic triggers, markets are expected to remain in a consolidation zone,” as per the experts.
(IANS)
