Stock Market LIVE: Nifty Slips Below 26,100, Sensex Down 320 Points as Mid & Smallcaps Drag
Nifty slips below 26,100 and Sensex drops 320 points as mid and smallcaps drag; IT shines while realty, defence, and smallcap stocks weigh on markets.
Sensex and Nifty trade lower as broad market weakness hits midcap, smallcap, and realty stocks; key corporate updates and global cues drive sentiment.
Indian equity benchmarks continued to trade lower on Monday, with the Sensex falling over 300 points and the Nifty slipping below 26,100, weighed down by broad-based selling across sectors. Barring IT, all sectoral indices traded in the red, with realty stocks declining nearly 1%.
The midcap and smallcap indexes remained under pressure and lost 0.2% and 0.5%, respectively. Hindalco Industries, Tech Mahindra, TCS, Tata Steel, and Max Healthcare were among the top gainers of Nifty, while Bajaj Finance, Asian Paints, Cipla, NTPC, and Maruti Suzuki topped the list of losers.
Among the major developments, Venus Remedies obtained its last milestone payment of ₹11 crore from Cipla for the product aimed at AMR mitigation, a.k.a. anti-infective, while Somnath Ghosh vacated his position as Non-Executive Independent Director at RBL Bank, which resulted in the stock declining by more than 1%.
The Nifty Smallcap 100 index slipped 1% with Tata Teleservices, Kaynes Tech, and Aditya Birla Renewables among major laggards. Meanwhile, UBS maintained a ‘buy’ rating on InterGlobe Aviation, trimming its target price to ₹6,350 due to increased cost estimates following FDTL-related disruptions.
InterGlobe Aviation, Eternal, and HDFC Bank were among the most active stocks of the session. Insurance stocks stayed in focus ahead of the proposed Insurance Amendment Bill, viewed as a potential re-rating catalyst for the sector.
Rupee sentiment remained weak despite expectations of a 25-bps US Fed rate cut, as analysts flagged widening trade deficits and sluggish foreign inflows.
Other notable corporate updates included:
Sahaj Solar securing Co-ALMM approval for its Topcon modules
Zen Technologies winning a ₹120 crore defence contract
MTAR Technologies bagging orders worth ₹194 crore in the civil nuclear space
ONGC extending Arun Kumar Singh’s tenure as Chairman & CEO
Dynamatic Technologies signing a strategic deal with Dassault Aviation
ICICI Prudential AMC filing DRHP for a ₹10,603-crore IPO
Asian markets traded mixed, with Kospi, Taiwan Weighted, and Shanghai Composite rising 0.5% each ahead of major central bank decisions this week.
