Indian equity benchmarks extended their losing streak on Monday, BSE Sensex declined by over 400 points, while the NSE Nifty 50 slipped below the 25,600 mark, as selling pressure dominated most sectors.
The market opened lower and remained under pressure through early trade, tracking mixed trends in Asian markets and cautious signals from U.S. stock futures. Investor sentiment remained subdued amid concerns over global economic growth, interest rate uncertainty, and geopolitical risks, prompting risk-averse positioning.
Market volatility increased sharply, with the India VIX moving higher, reflecting growing nervousness among traders. Sector-wise, banking, real estate, auto and consumer discretionary stocks led the decline, dragging the broader indices lower. IT stocks also traded mixed as investors weighed demand outlook and currency movements.
Among individual stocks, Ola Electric emerged as a major loser, falling around 4% after reports of a stake sale by a key investor dampened sentiment. Tejas Networks plunged sharply after posting weak quarterly results marked by a steep fall in revenue and widening losses. Signatureglobal also remained under pressure, sliding closer to its 52-week low amid concerns over growth guidance.
On the other hand, a few stocks managed to buck the weak market trend. IREDA shares gained after the state-owned lender reported a strong rise in quarterly profit and revenue, supported by higher loan disbursements. Avenue Supermarts, the parent company of DMart, advanced after reporting better-than-expected earnings, offering some support on an otherwise weak trading day.
In the broader market, mid-cap and small-cap stocks also faced selling pressure, with declines outnumbering advances, indicating widespread weakness.
In currency markets, the rupee traded lower against the US dollar, reflecting continued foreign institutional investor ouniftytflows and global risk-off sentiment.
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