Markets tumbled on Monday, with the Nifty falling to its lowest level in a month as disappointing quarterly results from blue-chip heavyweights and renewed global trade tensions triggered a broad-based sell-off across sectors.
The Nifty closed at 25,585.50, down 108.85 points or 0.42 per cent, while the Sensex declined 324.17 points or 0.39 per cent to settle at 83,246.18. The session was marked by persistent selling pressure, with the Nifty briefly touching an intraday low of 25,494 before staging a partial recovery that failed to sustain.
“After a brief pause, the Nifty resumed its downtrend, plunging 108 points to close at 25,585, its lowest level in this ongoing correction. The sharp decline was primarily fueled by disappointing quarterly results from blue-chip heavyweights,” said Nandish Shah, Deputy Vice President at HDFC Securities.
Top gainers, losers
Wipro led the losers, crashing 8.21 per cent to ₹245.50 after announcing softer revenue forecasts. Reliance Industries fell 3.07 per cent to ₹1,413.20, while Eternal declined 2.87 per cent to ₹279.45. TMPV dropped 2.84 per cent to ₹343.55, and Max Healthcare slipped 2.51 per cent to ₹1,011.00.
On the gainers’ side, IndiGo surged 4.16 per cent to ₹4,937.00. Tech Mahindra rose 2.39 per cent to ₹1,710.40, while Hindustan Unilever gained 2.29 per cent to ₹2,414.40. Kotak Mahindra Bank and Maruti Suzuki climbed 2.22 per cent to ₹427.50 and 2.04 per cent to ₹16,182.00, respectively.
Market breadth remained sharply negative for the seventh consecutive session, with 3,116 stocks declining against 1,186 advances on the BSE. Notably, 438 stocks hit 52-week lows, compared with just 97 that hit 52-week highs.
Sectoral performance
All sectoral indices closed in the red except Nifty FMCG, which rose 0.7 per cent, and Nifty Auto, which edged up 0.1 per cent. Nifty Realty shed over 2 per cent, while Media and Oil & Gas indices declined 1.8 per cent and 1.6 per cent respectively. The Nifty Midcap 100 fell 0.37 per cent to 59,647.65, while the Nifty Smallcap 100 dropped 1 per cent to 17,190.70.
Global cues and geopolitical risks
“Global cues remained weak as Japanese government bond yields surged, with the benchmark 10-year yield climbing to around 2.3 per cent—the highest level since February 1999. Risk appetite was further dampened after renewed trade-related rhetoric from the US, with Trump reiterating plans to levy taxes on European countries,” said Siddhartha Khemka, Head of Research, Wealth Management at Motilal Oswal Financial Services.
Rupee weakness
The Indian rupee extended its losing streak, weakening by 5 paise to close at 90.91 against the dollar, its lowest level in a month. “Rupee slipped further to 90.91 down 14 paise, as early panic in equities followed fresh US tariff moves on the EU,” said Jateen Trivedi, VP Research Analyst at LKP Securities.
Safe-haven demand boosts silver and gold
In commodities, silver crossed the historic ₹3 lakh per kg mark, reflecting intensifying safe-haven demand. “Silver crossing the ₹3 lakh per kg mark is a historic milestone, reflecting intensifying safe-haven demand amid geopolitical tensions and global macro uncertainty,” said Justin Khoo, Senior Market Analyst – APAC at VT Market. Gold also traded positively as rupee weakness and geopolitical concerns supported safe-haven demand.
Technical outlook
“Nifty has now retreated nearly 3 per cent from its all-time high of 26,373. A decisive breach below the 25,473 marks would violate the current consolidation range, potentially accelerating the slide toward the next major support at 25,318,” Shah added.
Markets are expected to trade sideways, tracking global cues and ongoing earnings. “Markets are expected to trade sideways, tracking global cues and ongoing earnings, while any escalation on the geopolitical front would remain a key overhang,” Khemka said.