Indian equity markets reversed early gains to end lower on Monday as sentiment weakened amid a surge in the 10-year bond yield to a three-year high and continued foreign institutional investor (FII) outflows amid persistent global uncertainties.
The Nifty 50 fell 157 points, or 0.70%, to settle at 22,363, while the BSE Sensex declined 548 points, or 0.76%, to close at 71,925.
Broader markets, however, bucked the weak trend. The Nifty Smallcap 100 outperformed, rising 1.42%, while the Nifty Midcap 100 edged up 0.08%, managing to eke out modest gains.
Sectorally, FMCG stocks led the losses, with the Nifty FMCG index falling nearly 2%. The Nifty PSU Bank index also declined more than 1%. In contrast, the Nifty Auto index advanced nearly 1%, emerging as one of the better-performing sectors.
Market breadth remained slightly tilted towards the bears. Of the 3,706 stocks traded on the NSE, 1,798 ended in the red, while 1,795 advanced. Another 113 stocks closed unchanged.
Here are today’s top gainers on the Nifty
Here are today’s top gainers on the Sensex
Here are today’s top losers on the Nifty
Here are today’s top losers on the Sensex
Technically, the Nifty’s failure to sustain levels above 22,600 turned the positive opening into another sell-on-rise session. According to Hariselvan Radhakrishnan, Founder & CEO of HST Wealth, the Nifty’s immediate support lies in the 22,300–22,200 zone, with a decisive break potentially exposing the 22,000 mark.
On the upside, a sustained recovery, Radhakrishnan believes, would require the index to reclaim the 22,500–22,600 band.
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