India’s benchmark equity indices opened marginally lower on Monday amid investor caution over escalating tensions in West Asia and persistent selling by foreign portfolio investors (FPIs).
The Sensex fell 148.13 points, or 0.20 per cent, to open at 74,415.79, while the Nifty slipped 35 points, or 0.15 per cent, to 23,116.10 in early trade.
Ajay Bagga, banking and market expert, said India is navigating a complex diplomatic environment even as global macroeconomic conditions continue to influence domestic markets.
“India is playing a masterful—if stressful—diplomatic game. While the Strait is ‘shut’ to some, three Indian tankers, including LPG carriers, were granted safe passage. This underscores New Delhi’s unique position of being able to engage both the Trump administration and Tehran,” he said.
However, Bagga noted that global macro pressures are outweighing domestic factors.
“The macro is punishing the micro. Foreign Portfolio Investors are voting with their feet. They have dumped a massive ₹54,000 crore in March alone. FPIs remain deeply net short on index futures, signalling that they are not just selling but also betting on a deeper correction. With the Nifty hovering around 23,240, the market may struggle to attract buyers until clarity emerges from the ‘Super Week’ of central bank commentary,” he added.
Global commodity prices also remained elevated. Brent crude has risen steadily compared with last week’s closing levels and was trading around $104 per barrel.
Precious metals remained firm. Gold prices moderated slightly in Monday’s opening but stayed elevated at ₹1,58,400 per 10 grams for 24-carat gold. Silver prices, however, fell sharply by 3.24 per cent to ₹2,59,279 per kilogram.
FPI outflows have remained persistent through the month. Foreign investors have been net sellers on all trading days in March so far, with total net selling through exchanges reaching ₹54,455 crore as of March 13.
Sunil Gurjar, SEBI-registered analyst and founder of Alphamojo Financial Services, said the Nifty is showing signs of technical weakness.
“The Nifty 50 has witnessed strong selling pressure this week, marking its worst weekly performance in four years. Technically, the index has breached a crucial support level, indicating increasing bearish momentum. If it sustains below this level, further downside may follow, while any pullback could face resistance near the previously broken support,” he said.
In Asian markets, trading was mixed in early sessions. Hong Kong’s Hang Seng index rose 0.5 per cent to 25,589, while Taiwan’s weighted index edged up 0.02 per cent to 33,405.
However, Japan’s Nikkei 225 declined 1.05 per cent to 53,252, Singapore’s Straits Times index slipped 0.02 per cent to 4,841, and South Korea’s Kospi fell 0.38 per cent to 5,466.
(With inputs from ANI)
