The Indian stock market closed red on Monday, with key indices showing little movement. The Sensex fell by 177.12 points, settling at 81,531.99, while the Nifty dropped 52.05 points to close at 24,625.75.
Among Nifty firms, 19 advanced, 30 declined, and one remained unchanged. Wipro, L&T, SBI Life, Tata Steel, and BPCL were among the top gainers, while Tata Consumer Products, Hindustan Unilever, Tata Motors, Nestle, and Asian Paints saw the largest declines.
Vinod Nair, Head of Research at Geojit Financial Services, attributed the market’s range-bound movement to a mix of domestic and global factors. He added that after last week’s rally, domestic market sentiment was affected by rising oil prices amid tensions in the Middle East.
Additionally, investors were cautious ahead of key economic data, including India’s and the US’s Consumer Price Index (CPI) figures and the European Central Bank’s policy decision this week. There was some buying interest in capital goods and metal stocks, partly in anticipation of China’s stimulus following an unexpected drop in inflation.
Shrikant Chouhan, Head of Equity Research at Kotak Securities, provided a technical outlook, suggesting the market remains bullish but may see range-bound activity due to overbought conditions. He recommended a strategy of buying on dips and selling on rallies.
