Indian benchmark indices staged a partial recovery on Monday after slipping sharply earlier in the session, although they still closed in negative territory due to cautious investor sentiment.
The Nifty 50 ended at 23,842.65, down 0.86 per cent, while the BSE Sensex settled 702 points lower at 76,847.57.
Markets had fallen more steeply during the day but saw buying interest emerge in the latter half, particularly in defence-related stocks, which helped limit losses.
Analysts said geopolitical developments in West Asia continued to weigh on investor confidence, keeping risk appetite subdued despite the late recovery.
Among gainers on the Nifty were HDFC Life Insurance, ICICI Bank and Adani Enterprises. On the Sensex, Axis Bank, NTPC and ICICI Bank managed to close in the green.
On the losing side, stocks such as Maruti Suzuki, IndiGo, Bajaj Finance and TCS saw notable declines.
Broader markets also reflected weakness, with the Nifty MidCap and Nifty SmallCap indices closing lower, though both recovered from their intraday lows.
Sectorally, auto and oil & gas stocks faced the most pressure, while FMCG and IT shares also remained subdued. In contrast, metal stocks showed relative stability, and the Nifty India Defence index stood out with better performance as investors turned to defence stocks in an uncertain global environment.
Market experts noted that key resistance for the Nifty remains near the 23,900–24,000 range, while the 23,500–23,600 zone is seen as an important support level.
A breach below this could lead to further downside in the near term.
Despite the late-session rebound, analysts said the overall trend remains cautious, with volatility likely to persist due to global uncertainties and ongoing geopolitical developments.
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