Equity benchmarks reversed their early gains sharply by mid-session on Monday, with the falling 160.95 points or 0.71 per cent to 22,359.50 and the dropping 599.44 points or 0.83 per cent to 71,872.89 as of 13.15 pm. Both indices had opened higher, the Nifty at 22,593.20 and the Sensex at 72,771.32, but profit-taking at higher levels erased the morning advance, pushing the indices well below their previous closes of 22,520.45 and 72,472.33, respectively.
On the BSE, of 4,568 stocks traded, 2,356 advanced and 1,911 declined, with 301 unchanged. A total of 128 stocks hit 52-week highs while 137 touched 52-week lows, reflecting continued stress in the broader market. Upper circuit stocks numbered 218 against 217 in lower circuits.
Among the top gainers on the Nifty 50, led at ₹10,058, up 2.86 per cent from a previous close of ₹9,778. gained 2.76 per cent to ₹1,230 from ₹1,197. rose 1.17 per cent to ₹3,325.50 from ₹3,287.20, Mahindra & Mahindra added 1.14 per cent to ₹2,828 from ₹2,796.20, and Bharat Electronics Ltd climbed 1.13 per cent to ₹372.30 from ₹368.15. Auto and select pharma counters held up as pockets of buying interest.
The selling, however, was broad-based. was the session’s biggest loser, falling 3.61 per cent to ₹1,459.50 from ₹1,514.10. dropped 2.86 per cent to ₹258.40 from ₹266. declined 1.95 per cent to ₹940.35 from ₹959.10. Bharti Airtel shed 1.93 per cent to ₹1,770.30 from ₹1,805.10, and Coal India fell 1.92 per cent to ₹403.65 from ₹411.55. The losses spanned the IT, FMCG, banking, telecom and energy sectors.
On the commodities front, MCX Crude Oil fell 2.44 per cent to ₹8,664, while WTI crude dropped 1.57 per cent to $90.23 a barrel, extending declines following US President Trump’s statement that the US would not strike Iran ahead of the midterm elections and descriptions of talks as productive. A deal allowing additional Russian diesel supplies also pressured oil prices. Brent crude had slipped below $103 after peaking near $106 earlier in the week.
The rupee strengthened nearly 1 per cent to 95.8175 against the dollar, reflecting the impact of the Reserve Bank of India’s weekend package that included a direct dollar-supply window for state-run oil companies, a 20 per cent cash margin on certain foreign-exchange derivatives, and a reduction in the cap on derivative deals without underlying exposure from $100 million to $5 million. While the stronger rupee offered macroeconomic relief, it weighed on domestic bullion prices. MCX Gold fell 0.47 per cent to ₹150,780 and MCX Silver declined 0.22 per cent to ₹225,252, even as COMEX Gold added 0.28 per cent to $4,228 and COMEX Silver rose 0.51 per cent to $61.36 in global trade, the divergence driven directly by the rupee’s appreciation.
The mid-session reversal underscores persistent caution among investors despite short-term technical support. With CPI data from both India and the US due this week, and FII selling having extended to 11 consecutive sessions as of Friday, market participants are keeping positions measured ahead of key data that could determine the Nifty’s next directional move.