Equity benchmark indices saw sharp swings on Monday as persistent foreign portfolio investor selling and heightened global uncertainty stemming from the West Asia crisis rattled investor sentiment. The BSE Sensex plunged as much as 1,034 points intraday, while the NSE Nifty 50 dropped 329 points, reflecting broad-based nervousness across sectors.
By 12.57 pm, losses narrowed marginally. The Sensex traded lower by 60.65 points, or 0.08 per cent, at ₹74,503.27, while the Nifty 50 slipped 32.30 points, or 0.14 per cent, to 23,118.80, supported by selective buying in defensive counters.
Citi and Nomura trims Nifty 50 target
Global brokerage Citi Research cut its year-end target for the Nifty 50, flagging rising risks to economic growth and corporate earnings as surging oil prices and supply disruptions linked to West Asia conflict cloud the outlook for India’s economy. The firm lowered its target to 27,000 from 28,500 earlier, implying an upside of about 17 per cent from the previous close. It also reduced the valuation multiple to 19x from 20x one-year forward price-to-earnings.
In a similar move, Nomura slashed its December 2026 Nifty target by 15 per cent to 24,900 from 29,300, citing risks to consensus earnings estimates due to the prolonged West Asia conflict.
Broader markets remained under pressure, with the smallcap index declining nearly 2 per cent and the midcap index falling over 1 per cent, indicating risk aversion among investors.
Sectorally, only FMCG, auto and select financial stocks registered marginal gains, offering limited support to the benchmarks. Realty and oil & gas counters emerged as the biggest drags amid concerns over demand and input cost pressures.
UltraTech, Grasim, Hindalco lead Nifty 50 gainers
Among Nifty 50 stocks, UltraTech Cement, Grasim Industries, HDFC Bank and JSW Steel led the gains. On the losing side, Bharat Electronics, Shriram Finance, Wipro, Coal India and Dr. Reddy’s Laboratories weighed on the index.
Market breadth remained sharply negative, reflecting broad selling pressure across the exchanges. Out of 3,263 stocks traded on the National Stock Exchange at the time of writing, only 723 advanced while 2,447 declined and 93 remained unchanged.
Just 16 stocks touched their 52-week highs compared with a steep 725 stocks hitting 52-week lows. In addition, 40 stocks were locked in the upper circuit, whereas 123 counters hit the lower circuit amid heavy selling.
Top movers today: ATGL, MRPL, IDBI, Bandhan Bank, TTK Prestige
Midcap weakness was pronounced after shares of Adani Total Gas tumbled nearly 9 per cent. Other notable laggards included Hindustan Petroleum Corporation, Cochin Shipyard, Steel Authority of India Limited and KPIT Technologies.
In the smallcap space, Mangalore Refinery and Petrochemicals Limited, Tejas Networks, Aadhar Housing Finance, Jindal Saw and Poonawalla Fincorp gained between 1.5 per cent and 10 per cent. However, Bandhan Bank, Devyani International, GE Shipping, Firstsource Solutions and Swan Energy declined 5–10 per cent.
On the BSE, ITI, CSB Bank and MRPL shares surged 6–14 per cent. In contrast, Bandhan Bank, TTK Prestige and Devyani International plunged between 5 per cent and 16 per cent amid heavy selling pressure.
Investor sentiment remains fragile as geopolitical tensions, volatile crude prices and sustained FPI outflows continue to drive sharp swings in domestic equities, keeping traders cautious despite intermittent recoveries.