Equity benchmark indices Sensex and Nifty started the trading session positively on Monday but swiftly slipped into negative territory due to significant selling pressure in market heavyweights Reliance Industries and HDFC Bank, coupled with sustained foreign fund outflows.
Sensex and Nifty's Volatile Trading Session
The 30-share BSE Sensex opened strongly, gaining 451.62 points to touch 73,649.72. The broader NSE Nifty similarly showed promise, rising by 136.85 points to reach 22,261.55 in early trade.However, the rally quickly faded as selling intensified, dragging both indices downward. By mid-session, the Sensex had reversed gains, declining by 249.53 points to trade at 72,948.57, while the Nifty dropped 61.50 points to 22,063.20.
Top Losers and Gainers
Within the Sensex basket, notable declines were witnessed in:- IndusInd Bank
- HDFC Bank
- Reliance Industries
- Axis Bank
- Bajaj Finserv
- Tata Steel
- Adani Ports
- Tata Motors
- Zomato
- Bajaj Finance
- Hindustan Unilever
- UltraTech Cement
- Mahindra & Mahindra
- Tech Mahindra
- Larsen & Toubro
- HCL Technologies
- Infosys
- Bharti Airtel
Asian and US Markets Overview
Asian markets largely traded higher on Monday, with Tokyo, Hong Kong, and Shanghai registering gains. The Seoul stock market remained closed due to a local holiday. In the US, markets closed predominantly positive on Friday, providing a brief relief to global investors.FIIs Continue to Sell
Foreign Institutional Investors (FIIs) remained bearish on Indian markets, continuing their selling spree by offloading shares worth ₹11,639.02 crore on Friday, according to exchange data.Commenting on the persistent FII selling, V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, noted, "The primary factors driving sustained FII selling in India include elevated valuations and attractive yields in US bonds. These macroeconomic factors are gradually shifting."
Oil Prices Climb
Meanwhile, Brent crude oil, the global benchmark, traded 0.55% higher at USD 73.21 per barrel, reflecting modest optimism in global commodities.Last Friday, the Sensex had plunged sharply by 1,414.33 points, settling at 73,198.10, while the Nifty fell 420.35 points to close at 22,124.70, marking its eighth consecutive day of losses.