Stock Market Today: Sensex Drops 508 Points, Nifty Ends At 23,382

Indian equity benchmarks closed significantly lower on Monday as selling pressure in FMCG, PSU banking, automobile, and realty stocks weighed on investor sentiment.

Traders also closely tracked developments surrounding a possible diplomatic agreement between the United States and Iran.

The Nifty settled at 23,382.60, falling 165.15 points or 0.7 per cent. The Sensex declined 508.40 points, or 0.68 per cent, to finish at 74,267.34.

Market experts noted that the Nifty’s breach of the 23,500 level weakened its near-term technical structure.

Analysts expect 23,500 to act as immediate resistance, followed by a stronger hurdle between 23,600 and 23,750. They further stated that the breakdown has increased the possibility of additional weakness toward the 23,300-23,250 support zone, which now serves as a critical area for traders to monitor.

Selling extended beyond frontline indices. The Nifty Midcap 100 index slipped 1.45 per cent, while the Nifty Smallcap 100 index ended 0.88 per cent lower.

Among Nifty constituents, Hindustan Unilever, Shriram Finance, and Tata Consumer Products emerged as the biggest laggards.

ITC and NTPC also contributed substantially to the market decline.

On the positive side, Tech Mahindra, Infosys, TCS, and HCLTech led gains among Sensex stocks.

Hindustan Unilever, ITC, NTPC, Mahindra & Mahindra, Kotak Mahindra Bank and Bajaj Finance declined by as much as 2.83 per cent.

Sector-wise, the Nifty FMCG index recorded the steepest losses, followed by PSU Bank, Auto, and Realty indices. Conversely, IT, Metal, and Media stocks outperformed and helped cushion the overall decline.

Investors continued to assess global developments after US President Donald Trump indicated that Washington was pursuing an agreement with Iran aimed at preventing Tehran from acquiring nuclear weapons.

Market participants will now closely watch upcoming RBI policy decisions and India’s GDP data for fresh market direction.

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