Mumbai: The Indian stock market commenced the week with marginal changes on Monday influenced by mixed global cues. The benchmark Sensex opened marginally lower by 187.82 points, or 0.27 percent, at 72,476.00, while the Nifty slipped 27.20 points, or 0.12 percent, to 22,028.00.
Despite positive global sentiment, the GIFT Nifty continued to trade at a discount, currently at 22,949.50, down by 179.50 points or 0.81 percent.
The decline in indices was chiefly driven by the Auto, PSU Bank, and energy sectors, while pharma and healthcare sectors remained resilient, being the only ones in the green.
Tata Motors witnessed a significant decline of up to 9 percent following the announcement of its Q4 results on Friday, resulting in a market capitalization erosion of Rs 29,946.88 crore to Rs 3,17,998.73 crore.
In line with the major indices, the broader markets also opened in negative territory. The Nifty Midcap 100 was down by 279.85 points at 49,218.60, while the Nifty Smallcap 100 traded lower by 135.40 points or 0.84 percent at 15,985.20.
The India VIX, indicating market volatility, remained elevated with a rise of 2.21 points, or 12.02 percent, at 20.70.
The Indian rupee commenced the week on a flat note against the US dollar, opening at 83.51, the same as Friday’s session close.
Asian markets exhibited a mixed trend, with Japan’s Nikkei trading near flatline at 38,243.59, while South Korea’s Kospi edged lower by 0.34 percent to 38,243.59. Investors are closely monitoring China’s higher-than-expected April inflation data, standing at 0.3 percent, and await Japan’s Q1 GDP results scheduled to be announced today.
Today, the stock market faced a downturn driven by rising volatility, ongoing Lok Sabha elections, lackluster Q4 results, persistent FII selling, and sustained US dollar rates above 105. These factors collectively dampened investor confidence, fostering a bearish sentiment.
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