Mumbai’s stock market kicked off Thursday on a cautious note amid weak global cues and anticipation ahead of the Economic Survey. The BSE Sensex, comprising 30 stocks, opened marginally higher at 82,367.21, up 22.53 points or 0.03%. The Nifty too started flat at 25,345, gaining just 2.25 points or 0.01%.
However, the initial steadiness quickly evaporated. Within minutes, selling pressure mounted, dragging the Sensex down nearly 200 points and pushing the Nifty below 25,300. As trading progressed, the Sensex plummeted 447 points or 0.54% to 81,897.36, while the Nifty shed 124 points or 0.49% to stand at 25,218.35.
Most sectoral indices on the Nifty mirrored the downturn, trading in red. The IT and auto sectors bore the brunt, with Nifty IT declining 0.77% and Nifty Auto slipping 0.76%. In contrast, Nifty Metal bucked the trend with notable gains, while realty and oil & gas sectors saw modest upticks of 0.4%.
Broader markets offered some relief, with the Nifty Smallcap 100 up 0.45% and Nifty Midcap 100 rising 0.06%. Investors remain on edge, awaiting Finance Minister Nirmala Sitharaman’s presentation of the Economic Survey 2025-26 in Parliament today.
Among Sensex constituents, L&T, Tata Steel, NTPC, Power Grid, SBI, Eternal, and Axis Bank emerged as top gainers. On the flip side, Maruti Suzuki, Indigo, BEL, Asian Paints, HUL, and Titan recorded the sharpest losses.
Hitesh Tayler, Research Analyst at Choice Broking, noted a prevailing sense of caution in the market. ‘Domestic technical indicators still provide some support, but the market’s direction will hinge on global trends, crude oil prices, and institutional flows,’ he said.
The previous session had seen Nifty 50 maintain positivity above 25,300, fueled by India-EU trade talk optimism and positive global signals. Strong buying interest persists above 25,200, though 25,400-25,500 poses significant resistance. A slip below 25,200 could intensify downward pressure.
Experts advise a selective, disciplined approach amid global uncertainties. Focus on fundamentally strong stocks during dips, and consider fresh long positions only after a sustainable breakout above 25,700 on the Nifty.