Domestic equity markets began the new trading week on a subdued note on Monday, slipping into negative territory right from the opening bell. A wave of early selling across diverse industry heavyweight counters pushed the headline indices lower, diverging from the positive momentum witnessed at the close of the previous week's trading session.
Opening Trajectory of Key Market Indices
The BSE benchmark Sensex retreated by 133.78 points, or 0.17 percent, commencing morning trades at 77,130.73. Concurrently, the NSE Nifty 50 gauge shed 58.10 points, translating to a decline of 0.24 percent, to open at 24,117.55. The early slip highlighted immediate risk aversion among traders following the weekend recess.
Declining Shares Outweigh Early Gainers
Market breadth heavily favored the bears in early dealings. Out of the 30 constituents forming the BSE Sensex, a mere 4 companies managed to start the session in positive territory, leaving 26 scrips in the red. Across the broader 50-share NSE basket, only 8 stocks traded upward, while 42 registered opening losses.
Among individual movers, aviation firm Indigo suffered the steepest drop, falling 2.07 percent at the open. Conversely, Eternal emerged as the top performer on the 30-share board, posting an opening gain of 0.99 percent.
Select Financials and Telecom Show Resilience
Upward momentum was restricted to a handful of constituents on the benchmark gauge. Private lender HDFC Bank opened higher by 0.56 percent, providing modest support. ICICI Bank notched a minor advance of 0.14 percent, while telecom player Bharti Airtel inched up by 0.03 percent in quiet early trade.
Widespread Selling Across IT, Metal, and Industrial Scrips
The drag on the index was broad-based, led by software exporters, infrastructure players, and consumer brands. IT major Infosys dropped 1.63 percent, and Tata Steel surrendered 1.40 percent. Non-banking financier Bajaj Finance contracted by 1.36 percent, while state-run power generator NTPC slid 1.33 percent. Paint manufacturer Asian Paints also faced downward pressure, retreating 1.24 percent.
Losses exceeding one percent were also recorded in Bajaj Finserv and Power Grid, each sliding 1.05 percent. Technology exporters HCL Tech and TCS fell 0.90 percent and 0.85 percent, respectively. Consumer goods bellwether Hindustan Unilever lost 0.90 percent, jewelry and watchmaker Titan dropped 0.87 percent, and state-backed defense supplier BEL conceded 0.85 percent.
Other prominent heavyweights registering declines included Axis Bank, infrastructure conglomerate L&T, and energy major Reliance Industries, each falling by 0.84 percent. Retail giant Trent traded down 0.83 percent, and State Bank of India fell 0.81 percent. Cement producer UltraTech Cement drifted 0.54 percent lower, port operator Adani Ports lost 0.50 percent, and Tech Mahindra softened by 0.44 percent. Carmakers were also subdued, with Maruti Suzuki slipping 0.36 percent and Mahindra & Mahindra shedding 0.32 percent, alongside Kotak Mahindra Bank declining 0.35 percent. Finally, diversified conglomerate ITC eased 0.30 percent, and Sun Pharma opened virtually flat with a minor dip of 0.01 percent.
