Nifty slips below 24,200 as banks drag; metals, IT buck trend

The Nifty and Sensex indices both slipped below their early levels on Monday, with banks and select large-cap stocks dragging the performance. At 12:50 pm, the Nifty 50 fell 67.65 points, or 0.28%, to 24,184.35, while the Sensex declined 246.25 points, or 0.32%, to 77,294.58. The benchmarks had opened higher, with the Nifty at 24,285.05 and the Sensex at 77,629.56.

Despite opening strong, the indices succumbed to selling pressure later in the day. Among Nifty constituents, metals and IT stocks showed relative strength, with Hindalco Industries leading gains at 1.94% to ₹1,054.05. JSW Steel also gained 1.45% to ₹1,312.50, while Infosys advanced 1.29% to ₹1,135.50. Tata Steel rose 1.28% to ₹185.35, and Dr Reddy's Laboratories increased 1.26% to ₹1,189.50.

On the downside, Adani Ports and Special Economic Zone declined 1.46% to ₹1,675.10, and State Bank of India fell 1.40% to ₹1,034.00. Power Grid Corporation of India dropped 1.30% to ₹268.85, and Tata Motors Passenger Vehicles fell 1.18% to ₹314.15. Technical analyst Sudeep Shah attributed the weakness to banks, noting that the broader market remained relatively strong, with the Nifty Smallcap Index hitting a new intraday high.

The Nifty's crucial support zone is now 24,160-24,140, with resistance at 24,280-24,300. A break below 24,140 could push the index toward 24,020-24,000, while a move above 24,300 may extend the rally towards 24,440. Despite the decline, market breadth remained positive, with 2,330 stocks advancing against 1,565 declines, and 189 hitting 52-week highs.