Mumbai, India – The Indian stock market kicked off trading with a familiar gloom on Monday, marking the third consecutive session of losses. The benchmark Sensex index tumbled nearly 200 points at open, reflecting ongoing investor unease amid global uncertainties and domestic economic pressures.
The BSE Sensex, India’s blue-chip index, opened at around 81,500, down 198 points from Friday’s close. This extends a worrisome trend that has seen the index shed over 500 points in the past two days alone. Meanwhile, the broader Nifty 50 mirrored the downturn, slipping below 24,800 in early trade.
Market analysts point to a cocktail of factors fueling the slide. Heightened geopolitical tensions in the Middle East have rattled global sentiment, pushing up crude oil prices and stoking inflation fears. At home, mixed corporate earnings and caution ahead of key policy announcements from the Reserve Bank of India are keeping investors on the sidelines.
Sector-wise, banking and financial stocks bore the brunt of the sell-off. Heavyweights like HDFC Bank and ICICI Bank saw sharp declines of 1-2%, dragging the indices lower. IT majors, usually resilient, also faced pressure amid concerns over U.S. economic slowdown impacting outsourcing demand.
Despite the early red, some buying interest emerged in defensive sectors like FMCG and pharma. Stocks such as Hindustan Unilever and Sun Pharma bucked the trend with modest gains, offering a sliver of hope to bargain hunters.
As the session progresses, all eyes are on Foreign Institutional Investors (FIIs), who have been net sellers for weeks. Domestic mutual funds provided some counterbalance with consistent buying, but it hasn’t been enough to stem the tide.
Experts urge caution, advising investors to focus on fundamentals rather than short-term volatility. ‘This correction presents opportunities in quality stocks, but patience is key,’ said a leading market strategist. With inflation data and RBI’s monetary policy on the horizon, the week ahead promises more twists for Dalal Street.
