domestic equity markets opened on a weak note on Monday, dragged down by persistent global pressures, with financial, realty, and automobile sectors witnessing early losses in Mumbai.
The Nifty index started 75.60 points or 0.33% down at 23,064.90, while the Sensex declined over 150 points or 0.22% to reach 73,734.83.
Leading the decline among Nifty stocks were Hindalco Industries, Bajaj Finance, Kotak Mahindra Bank, Grasim Industries, and Shriram Finance, each falling up to 1.76%.
The realty sector showed notable weakness with the Nifty Realty index falling more than 1%. Other sectors including cement, financial services, private banks, auto, and FMCG also slipped nearly 1% each.
In contrast, the Nifty Pharma index recorded marginal gains, standing out as one of the few sectors advancing.
Market experts highlighted that despite India's economic resilience and improving corporate earnings, elevated global crude prices and US bond yields overshadowed domestic optimism.
Analysts pointed out that Brent crude prices near $106 and the US 10-year bond yield at 5.2% remain significant challenges for the markets. Foreign portfolio investors turned net sellers in September following purchases during July and August.
They also observed that foreign investors continue to buy midcap and smallcap stocks, even amid high valuations, while offloading largecap shares.
support levels for the Nifty are identified between 22,900 and 23,000, with resistance placed at 23,250 to 23,300, suggesting expected market volatility as investors monitor these thresholds.
Commodity markets reflected the pressure, with Brent crude climbing over 2% to $106.69 and US West Texas Intermediate crude rising more than 1% to $93.82.
Asian markets mostly declined, with Japan's Nikkei, Hong Kong's Hang Seng, and the Jakarta Composite falling up to 2%.
Meanwhile, US markets closed positively overnight, with the S&P 500 gaining 0.51% and the Nasdaq up 0.48%.
