Markets Open Flat; Nifty Slips Below 25,000 as RIL, IT, PSU Bank Stocks Drag.
Benchmark indices opened on a muted note Monday, weighed down by losses in IT and PSU banking stocks. Heavyweight Reliance Industries also declined sharply, pulling the broader market lower.
As of 9:22 am, the BSE Sensex was down 130.29 points at 81,627.44, while the NSE Nifty50 slipped 48.95 points to trade at 24,919.45—falling below the psychological 25,000 mark.
Reliance Industries led the losses in early trade, declining 1.95%. Axis Bank (–1.72%), Mahindra & Mahindra (–1.17%), Infosys (–1.04%), and HCL Technologies (–0.97%) also weighed on the indices.
On the positive side, Tata Steel gained 1.60%, followed by HDFC Bank (1.34%), Eternal (1.11%), ICICI Bank (0.80%), and UltraTech Cement (0.53%).
Broader market indices mirrored the cautious mood. The Nifty Midcap100 fell 0.37%, while the Smallcap100 declined 0.52%. Volatility edged up, with India VIX rising 2.17%.
Among sectoral indices, the biggest drag came from Nifty Oil & Gas (–1.14%), followed by Nifty PSU Bank (–0.88%) and Nifty IT (–0.86%). Other notable losers included Auto, FMCG, Healthcare, Media, and Realty. In contrast, Nifty Pharma (0.59%), Metal (0.47%), and Financial Services (0.14%) saw mild gains. Nifty Private Bank remained flat.
Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, noted that markets will closely watch the outcome of ongoing trade negotiations between the US and India. “If an interim trade deal is agreed with tariffs below 20%, it would be a positive trigger,” he said.
On the earnings front, weekend Q1 results offered mixed cues. ICICI Bank reported strong numbers with robust PAT and credit growth, while HDFC Bank posted steady results. However, Axis Bank’s performance disappointed, especially in contrast with its peers.
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