Indian equity indices opened Monday’s trading session gap-down. The NSE Nifty 50 opened 171 points, or 0.74%, lower at 22,921.20, while the BSE Sensex fell 490.03 points, or 0.64%, to open at 75,700.43.
In the pre-opening session, the Sensex traded higher at 76,461.65, up 271.19 points or 0.36%. On the other hand, the Nifty 50 was down 183.25 points or 0.79%, trading at 22,908.95.
The GIFT Nifty indicated a subdued opening for the domestic indices, NSE Nifty 50 and BSE Sensex, as it traded 59 points or 0.25% lower at 23,072.50 on Monday early trading hours.
“The Nifty fell 0.5% on Friday, ending on a weak note after a failed attempt to extend its bounce. That saw the candle finish with a long upper shadow which represents strong bearish sentiment. The index has now declined for three straight weeks, the longest such streak since late October. Technically speaking, breaking above 23475 is needed in the near-term for a bullish flip, but till that happens 22976 will remain vulnerable with the longer-term focus in the 22500 – 22800 area,” said Akshay Chinchalkar, Head of Research, Axis Securities.
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Among the Sensex stocks, Tech Mahindra gained marginally by 0.14%, while Tata Motors and NTPC remained flat. On the losing side, HCL Tech declined by 0.70%, Nestle India by 0.92%, and Bajaj Finance by 1.06%. TCS was down 1.10%, Zomato fell 1.11%, ICICI Bank dropped 1.28%, Kotak Mahindra Bank slid 1.32%, and Infosys recorded the highest loss of 1.34%.
Nifty Bank opened on a weak note, slipping 486.15 points or 1.01% to 47,881.65. Similarly, the Nifty Midcap 100 declined by 897.05 points or 0.24%, starting the day at 52,365.90.
“The market sentiment has turned weak. Sustained FPI selling (Rs 69000 crores in January, so far) is impacting the market. Despite DII buying of Rs 67000 crores in January, so far, the market is under pressure. A major concern is that President Trump is coming up with new threats like the 25 % tariff on Columbia for its refusal to take back deported illegal immigrants. The threatened 25% tariff on Canada and Mexico might be implemented from February 1st onwards.
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