Mumbai’s bustling stock market kicked off the week on a sour note, with the BSE Sensex plunging over 400 points in early trade amid feeble global signals. Investors appeared jittery as major indices across the board painted a gloomy picture on Monday morning.
The downturn was spearheaded by heavy selling in blue-chip stocks like Reliance Industries, ICICI Bank, Wipro, Tata Motors Passenger Vehicles, and Cipla. These heavyweight declines set the tone for a lackluster opening, dragging the broader market into negative territory.
By the time reports were filed, the 30-share Sensex had shed 498 points, or 0.60 percent, to hover around 83,072. Meanwhile, the NSE Nifty tumbled 134 points, or 0.52 percent, settling at 25,560. The weakness rippled through midcap and smallcap segments, with Nifty Midcap down 0.40 percent and Nifty Smallcap slipping 0.48 percent.
Sectoral trends mirrored the pessimism: Nifty Pharma lost 0.6 percent, IT shed 0.5 percent, and Auto declined 0.4 percent. Metals provided a rare bright spot, inching up 0.24 percent.
Reliance Industries bore the brunt, with shares cratering over 2 percent despite solid Q3 profits for FY 2025-26. Wipro saw a sharper 7 percent plunge, followed by Tata Motors PV at 2.8 percent, Max Health at 2.9 percent, Infosys over 1 percent, and Cipla at 0.9 percent.
On the flip side, gainers included Tech M, Indigo, Bajaj Finance, Trent, HUL, Kotak Bank, Axis Bank, BEL, and HDFC Life, offering some counterbalance to the sell-off.
Global jitters stem largely from U.S. President Donald Trump’s recent statement imposing 10 percent tariffs on eight European nations. Their opposition to his Greenland acquisition plans has heightened investor anxiety worldwide, fostering a cautious mood.
Market veterans note last week’s volatility in Nifty, which swung between 25,899 high and 25,473 low before closing marginally up at 25,694. While trading below 20-day and 50-day EMAs, it holds above the 200-day EMA, suggesting a positive medium-term trend.
Key resistance looms at 25,875, followed by 26,000 and 26,100. Supports stand firm at 25,600 and 25,450. Experts urge traders to stick to selective, disciplined strategies amid ongoing global uncertainties, focusing on fundamentally strong stocks during dips. A decisive breakout above 26,000 could signal fresh buying opportunities.