Sensex Falls 322 Points, Nifty Slips Below 26,300 After Volatile Session As IT & Oil Stocks Drag Markets

Mumbai: Indian stock markets ended lower on Monday after a highly volatile trading session. Both benchmark indices faced selling pressure in the second half of the day, mainly due to weakness in information technology and oil and gas stocks. Investors also remained cautious because of mixed global signals following a US military action in Venezuela that led to the capture of President Nicolas Maduro.

At the end of the session, the Nifty closed at 26,250.30, down 78.25 points or 0.3 percent. The Sensex settled at 85,439.62, falling 322.39 points or 0.38 percent.

Early Gains Fade as Profit Booking Emerges

Markets began the day on a positive note and even touched fresh record highs. The Nifty climbed to an all-time high of 26,373.20 during early trade. However, the rally did not last long. Investors chose to book profits at higher levels, which led to a sharp pullback in the latter half of the session.

Market experts said the 26,300–26,350 range is now a key resistance zone for the Nifty. A strong move above this level could push the index toward 26,500. On the downside, if the Nifty slips below 26,200, it may fall further toward the 26,050–26,000 range.

Heavyweight Stocks Pull Indices Down

Large-cap stocks played a major role in dragging the markets lower. Shares of HDFC Bank, Infosys, HCL Technologies, Bajaj Finance, and TCS ended among the top losers, putting pressure on both the Sensex and Nifty.

Some Stocks and Sectors Show Strength

Despite the overall weakness, a few stocks helped limit the fall. Bharat Electronics, Hindustan Unilever, Tata Steel, UltraTech Cement, and Axis Bank ended the session with gains.

The broader market showed mixed performance. The Nifty Midcap index slipped 0.16 percent, while the Nifty Smallcap index declined 0.53 percent.

Sectoral Performance and Outlook

Technology and oil and gas stocks were the worst performers, with both indices falling around 1 percent. On the other hand, realty stocks performed well, with the Nifty Realty index rising over 2 percent. FMCG and consumer durable stocks also ended higher, showing steady buying in defensive sectors.

Going ahead, market participants said Q3 earnings results will be the key factor guiding market direction in the near term.