Indian stock markets relinquished early gains on Monday, with the Sensex and Nifty both trading in negative territory by midday. After opening higher at 81,926.99, the Sensex dropped 305.94 points or 0.37% to 81,382.51 as of 12:43 pm. Similarly, the Nifty50 declined 136.90 points or 0.55% to 24,877.70, retreating from its opening level of 25,084.10.
The initial optimism fuelled by strong US jobs data and easing recession fears quickly faded as selling pressure mounted across sectors. Market breadth heavily favoured decliners, with 3,320 stocks falling compared to 616 advances on the NSE. 130 stocks remained unchanged.
Broader indices faced steeper losses, with the Nifty Next 50 plummeting 1.88% and the Nifty Midcap Select dropping 1.12%. The banking sector showed relative resilience, as the Nifty Bank index fell 0.71% to 51,095.50, while Nifty Financial Services shed 0.64% to reach 23,470.55.
Among individual stocks in NSE, Bharti Airtel led the gainers, rising 1.50%, followed by ITC (1.45%), ICICI Bank (0.85%), Cipla (0.72%), and Bajaj Finance (0.64%). On the flip side, Adani Ports emerged as the top loser, declining 3.86%. Other major losers included NTPC (-3.74%), Power Grid (-3.25%), Coal India (-3.15%), and BEL (-3.07%).
Investor sentiment remained cautious ahead of the upcoming Reserve Bank of India Monetary Policy Committee meeting and the imminent Q2 earnings season. Key companies like TCS, Tata Elxsi, DMart, and IREDA are set to report their results this week, potentially influencing market direction.
The market witnessed heightened activity, with 4,066 stocks traded. 156 stocks hit their 52-week highs, while 116 touched 52-week lows. Circuit filters were triggered for numerous stocks, with 206 hitting the upper circuit and 554 touching the lower circuit.
As the trading day progresses, market participants are closely monitoring global cues and domestic developments for further direction. The RBI’s policy decision and corporate earnings will likely play crucial roles in shaping market sentiment in the coming days.