After climbing for four consecutive sessions, Indian stock markets took a breather on Monday, with investors opting to book profits amid a lack of strong domestic triggers.
The BSE Sensex slipped 452 points, or 0.54 per cent, to end at 83,606.46. The index moved between an intra-day high of 84,099.53 and a low of 83,482.13.
The broader NSE Nifty also saw a similar decline, shedding 120.75 points, or 0.47 per cent, to settle at 25,517.05. It had opened at 25,661.65 and touched a high of 25,669.35 during the day.
Mid & small-caps show resilience
Despite the decline in benchmark indices, the broader markets outperformed.
The Nifty Midcap100 rose 0.6 per cent while the Nifty Smallcap100 gained 0.52 per cent, indicating continued investor interest in these segments, especially ahead of the Q1 earnings season.
Among the Sensex constituents, Axis Bank, Kotak Mahindra Bank, Maruti, Bajaj Finance, Reliance Industries, Tata Steel, and Bharti Airtel were among the prominent laggards.
On the other hand, Trent, State Bank of India, Bharat Electronics, Titan, Bajaj Finserv, and Eicher Motors witnessed renewed buying interest.
The market saw a mixed sectoral performance. PSU banks led the pack, with the Nifty PSU Bank index surging 2.66 per cent.
Stocks such as Bank of Baroda, Punjab National Bank, Union Bank of India, Indian Bank, and Canara Bank recorded robust gains.
Other sectors that ended in the green included IT, Pharma, Healthcare, Media, Energy, and Consumer Durables.
However, Nifty Auto, Financial Services, FMCG, Metal, Realty, Private Banks, and Oil & Gas ended in the red, reflecting broader caution.
Vinod Nair, Head of Research at Geojit Financial Services, remarked that while the global backdrop is improving, thanks to easing geopolitical tensions and optimism over a potential US trade agreement, domestic markets are consolidating post the recent rally.
He noted that investors are shifting focus to upcoming corporate earnings, with mid- and small-cap stocks expected to show strength on the back of robust consumer demand and margin improvements.
Rupee & volatility update
The India VIX, which tracks market volatility, rose by 3.2 per cent to 12.78, reflecting heightened caution.
Meanwhile, the Indian rupee weakened slightly to trade near 85.70 per dollar, down 0.21 per cent.
Analysts attributed the fall to profit-taking following recent rupee strength and long unwinding ahead of key US economic data.
Jateen Trivedi of LKP Securities noted that the rupee is likely to remain volatile this week within a range of 85.35 to 86.00, given global uncertainties and the end of the 90-day extended tariff deadline.
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