Indian equity markets began the week on a subdued note on Monday, with key benchmarks opening lower amid a lack of fresh domestic triggers.
The Sensex fell by 93 points, or 0.11 per cent, to trade around 85,619, while the Nifty slipped 50 points, or 0.19 per cent, to 26,137.
Analysts expect the Nifty to trade within a defined range for the day, with near-term resistance seen between 26,300 and 26,350, where profit-booking may emerge.
On the downside, support is anticipated around 26,000-26,050, a level that has remained firm during recent consolidation phases.
Several major stocks weighed on the indices in early trade. Bajaj Finance, BEL, NTPC, Asian Paints, Power Grid, Trent, Sun Pharma, and ICICI Bank were among the biggest losers on the Sensex.
Meanwhile, gains in key technology and automobile stocks helped limit overall losses.
Eternal, Tech Mahindra, TCS, Tata Motors PV, Infosys, HCL Tech, and Tata Steel were top performers during the session.
Broader Market and Sector Performance
The broader market mirrored the cautious sentiment. The Nifty MidCap index fell 0.12 per cent, while the Nifty SmallCap index declined more sharply, down 0.40 per cent.
Sector-wise, real estate, public sector banks, and pharmaceutical stocks faced the most selling pressure.
The Nifty Realty, PSU Bank, and Pharma indices slipped between 0.3 per cent and 0.5 per cent. In contrast, the Nifty IT index rose 0.5 per cent, supported by large-cap technology names, while the Nifty Metal index inched up 0.2 per cent.
Market analysts noted that trading began on a cautious note as investors awaited new triggers to set the direction for the day.
“Given the prevailing conditions, a buy-on-dips strategy remains appropriate. Traders may consider adding long positions if Nifty pulls back toward 26,000-26,050 or if Bank Nifty stabilises above 59,400,” experts advised.
Investors are expected to monitor heavyweight stock movements and sector-specific trends closely as the week progresses. They are likely to maintain a cautious approach amid limited domestic cues.
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