Early gains wiped out: Nifty slides below 22,400 as IT, FMCG and banking drag markets lower
Bajaj Auto, Dr Reddy’s Labs and BSE lead gainers on the Nifty 50
The Nifty and Sensex indices experienced a swift reversal of their early gains on Monday, slipping below their respective levels of 22,520.45 and 72,472.33. Profit-taking at higher levels led to a decline of 160.95 points, or 0.71 per cent, for the Nifty 50 to 22,359.50, and a drop of 599.44 points, or 0.83 per cent, for the Sensex to 71,872.89.
Among the key movers, Bajaj Auto led gains with a rise of 2.86 per cent to ₹10,058, while Tech Mahindra suffered the steepest loss of 3.61 per cent to ₹1,459.50. Sectors such as IT, FMCG, banking, telecom and energy witnessed significant losses. Commodities like MCX Crude Oil and WTI crude oil also declined, influenced by factors such as US-Iran tensions and Russian diesel supplies.
The rupee strengthened slightly against the US dollar, impacting domestic bullion prices. The mid-session reversal highlights the cautious stance of investors despite short-term support, with market participants remaining vigilant awaiting key data releases.
Written by urgent.news from Hindu BusinessLine's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
