Indian equity markets began Monday’s session on a weak note, opening with a gap-down as cautious sentiment prevailed. The NSE Nifty 50 dropped 210.95 points or 0.9% to 23,271.20, while the BSE Sensex declined 442.02 points or 0.57% to 77,063.94 at the opening bell.
The downturn comes after the Union Budget 2025, which was presented on February 1 in Parliament. Indian stock exchanges had remained open for a special trading session on budget day.
In the pre-opening session on February 3, Indian equity markets showed a mixed trend. The BSE Sensex was up 237.12 points or 0.31%, trading at 77,743.08, while the NSE Nifty 50 saw a sharp decline of 348.55 points or 1.48%, dropping to 23,133.60.
In the early trading hours. GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a negative opening on Monday, which was trading 127 points lower (0.54%) at 23,440 in early hours.
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“The nifty finished slightly down on Saturday post the budget, but volatility was high, as expected. Today is most likely going to be a gap-down given the selloff in US equity futures and regional equities including the Gift Nifty on the tariff announcement. Immediate support stands in the 23246 – 23267 zone followed by an extension in the 23108 area, with near-term resistance coming into play between 23632 and 23657. Meanwhile, the weekly chart traced a “bullish engulfing” formation inside the Ichimoku cloud, the first time that’s happened since March ’22. Still, expect more than average volatility in the month of February, given that based on two decades of data, the nifty has produced the worst returns in the month, losing 1% on average,” said Akshay Chinchalkar, Head of Research, Axis Securities.
Previous day recap
Indian stock markets wrapped up the previous trading session on a quiet note after a day of sharp swings. In the special trading session on February 1, held following the presentation of Budget 2025, the benchmark indices ended mixed.
The BSE Sensex edged up by 5.39 points or 0.01% to 77,505.96, while the NSE Nifty 50 slipped 26.25 points or 0.11% to 23,482.15. The Nifty Bank index also closed lower, dropping 80.25 points or 0.16% to 49,506.95.
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