The Indian stock market kicked off the week on a shaky note, with the Sensex and Nifty ending in the red for the second consecutive day on Monday. A sharp selloff in IT stocks, triggered by the Trump administration’s new $100,000 fee for H-1B visas, weighed heavily on the indices. Heavyweight stocks like Reliance Industries and HDFC Bank also contributed to the downturn, while cautious global market sentiment added to the pressure.
The BSE Sensex dropped 466 points, or 0.56%, to close at 82,160, while the Nifty 50 fell 125 points, or 0.49%, settling at 25,202.
10 Key Takeaways from Today’s Market Action
- What Drove the Market Decline?According to Ashika Institutional Equities, the Indian market saw a volatile session, fluctuating between gains and losses. Negative global cues and concerns over the steep H-1B visa fee hike dented investor confidence. The indices opened lower, briefly recovered, but succumbed to profit-booking in the second half, with the Nifty hitting its intraday low.
- Biggest Losers in Nifty 50Of the Nifty 50 stocks, 31 closed lower, with IT stocks bearing the brunt. Tech Mahindra led the declines, falling 3%, followed by TCS (-2.96%) and Infosys (-2.55%). Other notable losers included Cipla, Wipro, HCL Tech, Tata Motors, and Trent, which shed 1.5% to 2%.
- Top Performers in Nifty 50Adani Enterprises shone as the top gainer, surging 3.98%. Eicher Motors, Bajaj Finance, Adani Ports, and UltraTech Cement followed, posting gains of 1.1% to 1.6%.
- Sectoral Performance: IT and Pharma Hit HardEight sectoral indices ended lower, with Nifty IT tumbling 2.95% to become the biggest loser. Nifty Pharma slid 1.41%, while Nifty Bank, Nifty Auto, and Nifty FMCG also closed in the red despite recent GST rate cuts. Media and metal sectors, however, held firm.
- Most Active Stocks by VolumeVodafone Idea topped the volume charts with 88.69 crore shares traded. Adani Power (13.47 crore), Urban Company (12.41 crore), Yes Bank (11.61 crore), and PC Jeweller (11.08 crore) were also heavily traded.
- Stocks Hitting 20% Upper CircuitFive stocks on the NSE locked in at their 20% upper circuit, including Emkay Global, Adani Power, Adani Total Gas, Shree Pushkar Chemicals & Fertilisers, and STL Global Limited.
- Stocks at 52-Week HighsA total of 107 stocks hit their 52-week highs on the NSE, with prominent names like Affle, Adani Power, Hyundai, Eicher Motors, and Grasim leading the pack.
- Stocks at 52-Week LowsOn the flip side, 53 stocks touched their 52-week lows, including well-known names like Barbeque Nation, DreamFolks, Praj Industries, Tiger Logistics, and UBL.
- Advance-Decline RatioThe BSE saw more decliners than advancers, with 2,502 stocks falling compared to 1,782 that gained ground, reflecting a bearish tilt.
- Technical ViewRupak De, Senior Technical Analyst at LKP Securities, noted, “The Nifty’s two-day pullback is a healthy correction following its recent 1,000-point rally. Support lies at 25,050, and as long as the index holds above this level, the uptrend remains intact. A break below 25,050 could push the index toward 24,800, while a move above 25,250 may signal a return to bullish momentum.”
Disclaimer: This article is for informational purposes only. The views expressed are those of individual analysts or brokerage firms, not Mumbai Samachar. Investors are advised to consult certified financial experts before making investment decisions, as market conditions can shift rapidly.