Domestic equity benchmarks kicked off the trading week on a subdued note, succumbing to widespread profit booking across sectors right from the opening bell. Both frontline indices, the BSE Sensex and the NSE Nifty, opened in the red as investors rushed to offload positions. The Sensex tumbled more than 300 points, while the Nifty slipped below the psychological 23,100 threshold to trade near 23,050. However, selective accumulation in heavyweights such as Reliance Industries, State Bank of India, Larsen and Toubro, and TCS prevented a steeper collapse in the broader market.
Opening Benchmark Levels and Market Breadth
In the opening minutes of the trading session, the 30-share BSE Sensex dropped 304.13 points, representing a decline of 0.41 percent, to stand at 74,425.14. Concurrently, the broader 50-share NSE Nifty shed 91.70 points or 0.40 percent, landing at 23,054.45. The overall market sentiment remained predominantly cautious. Across the board, market breadth tilted toward the sellers, with 1,168 shares registering gains against 1,394 scrips declining. Meanwhile, 225 stocks opened unchanged without showing any directional price movement.
Sectoral Trends: PSU Banks Rally as IT and Financials Slump
Despite broad index weakness, sectoral action revealed distinct pockets of strength. The Nifty PSU Bank index emerged as the standout performer of the morning, surging 2.13 percent. Healthcare and real estate sectors also saw defensive buying, with the Nifty Pharma index climbing 0.83 percent and Nifty Realty gaining 0.54 percent. Additional support came from Nifty Infra, up 0.61 percent, along with Nifty PSE and Nifty Energy, which traded higher by 0.36 percent and 0.25 percent respectively.
Conversely, significant downward pressure emanated from the banking, technology, and consumer segments. Nifty IT lost 0.44 percent, while the Nifty Bank index dropped 0.27 percent and Nifty Financial Services retreated 0.47 percent. The fast-moving consumer goods basket also suffered, with Nifty FMCG shedding 0.19 percent in early deals as market participants trimmed exposure to high-valuation counters.
Individual Movers: Top Gainers and Drags
Among individual shares on the benchmark indices, State Bank of India led the pack of gainers, rising 1.18 percent. Adani Ports advanced 0.69 percent, UltraTech Cement gained 0.44 percent, Bharti Airtel rose 0.13 percent, and HCL Technologies inched up 0.15 percent. Index bellwether Reliance Industries held in positive territory with a modest gain of 0.06 percent, while Larsen and Toubro and Tata Consultancy Services also sustained marginal green ticks, with TCS up 0.01 percent.
On the flip side, banking heavyweights bore the brunt of the downturn. Axis Bank was the worst hit among frontline counters, plunging 4.67 percent. HDFC Bank followed with a 2.07 percent cut, while IT bellwether Infosys declined 1.99 percent. Notable losses were also visible in Bajaj Finserv, which slid 1.42 percent, Trent, which lost 1.27 percent, and Tata Steel, down 0.91 percent. Selling pressure also persisted in counters such as Tata Motors Passenger Vehicles, Shriram Finance, Hindustan Unilever, and Tata Consumer Products.
