Benchmark indices remained under heavy selling pressure on Monday, although they recovered slightly from their intraday lows amid persistent global and domestic headwinds.
The BSE was trading 1,928.35 points or 2.44 per cent, lower at 76,990.55 at 12.50 pm, while the 50 declined 588.55 points or 2.41 per cent to 23,861.90. Earlier in the session, the Sensex had slumped as much as 2,495 points and the Nifty tanked 753 points, reflecting intense selling across sectors.
Domestic equities mirrored a sharp weakness in and escalating tensions in the Middle East dampened investor sentiment. Persistent foreign fund outflows further aggravated the decline, adding pressure on already fragile market conditions.
Broader markets also remained firmly in the red, with both midcap and smallcap indices falling around 2.5 per cent at the time of writing, indicating widespread risk aversion among investors.
Sector-wise, all indices traded in negative territory. Banking and PSU bank stocks were among the worst hit, tumbling up to 5 per cent. Auto, oil and gas, and private banking counters also witnessed steep declines ranging between 3 per cent and 4.5 per cent.
Top gainers & losers of Nifty 50
Within the Nifty 50 pack, Wipro and Cipla managed to post mild gains, offering limited support to the benchmark. On the losing side, Tata Motors, State Bank of India, Mahindra & Mahindra and Maruti Suzuki India slumped as much as 6 per cent amid heavy selling pressure.
In the midcap segment, select stocks showed resilience. Tata Communications, Coforge, Aurobindo Pharma and Persistent Systems traded in the green, defying the broader weak trend. However, Hindustan Petroleum Corporation, Union Bank of India, Bank of India and Bharat Forge fell sharply, declining more than 5–6 per cent.
Among smallcap stocks, Affle India, Multi Commodity Exchange of India and KFin Technologies gained between 1 per cent and 2 per cent. In contrast, PG Electroplast, Tejas Networks, Mangalore Refinery and Petrochemicals, Swan Energy and The Ramco Cements plunged as much as 10 per cent.
Meanwhile, oil producers attracted buying interest, benefiting from the sharp rally in crude prices. In contrast, as rising input costs raised concerns over margin compression.
Traders expect volatility to persist through the session as investors closely monitor crude price movements, developments in the West Asia conflict and foreign fund activity.