Indian markets extend losing streak; Sensex and Nifty end marginally lower
CHENNAI: Indian equity benchmarks closed with mild losses on Monday, extending their decline for a seventh straight session as weakness in heavyweight stocks outweighed selective gains in mid- and small-cap counters.
The Sensex slipped 61.5 points, or 0.08 percent, to finish at 80,364.94, while the Nifty 50 settled 19.8 points lower at 24,634.90. Both indices recovered from intraday lows but lacked enough momentum to sustain a rebound.
Broader indices showed resilience, with the Nifty Next 50 rising nearly 1 percent, supported by selective buying. Among sectors, PSU banks, oil and gas, and realty shares advanced, while media, auto, FMCG, and private banking stocks dragged the market.
Hindustan Unilever pared steep early losses to end slightly lower, helped by optimism that tax cuts could support consumer demand. Oil India gained over 2 percent after announcing a gas discovery in its Andaman block. Other notable gainers included Wockhardt, Redington, HPCL, Anant Raj, Voltas, and Vodafone Idea.
Investor sentiment remained cautious amid global policy risks. US proposals to raise H-1B visa fees weighed on IT shares, while tariff concerns in the pharmaceutical sector added to pressure. Meanwhile, traders are awaiting the Reserve Bank of India’s upcoming monetary policy review, where most expect a status quo on rates, though some see scope for cuts to support growth.
The prolonged decline highlights weak support from large-cap stocks and persistent foreign investor selling. Intra-day recovery was largely attributed to short covering and bargain hunting in mid-cap counters rather than fresh institutional buying.
Going forward, the RBI policy outcome, US economic data, bond yield movements, and crude oil prices will be key triggers. Analysts believe markets could see a relief rally if positive surprises emerge, but sustaining gains will require stronger participation from heavyweight sectors such as financials and IT.