28 September,2026 10:16 AM IST | Mumbai | mid-day online correspondent
Representational Image. File pic.
The domestic equity benchmark indices plummeted during the early trade on Monday amid elevated crude oil prices, global uncertainties and higher US bond yields that dented investor sentiment.
The 30-share BSE Sensex plunged 856.01 points or 1.16 per cent at 73,039.73 in the initial trade. The 50-share NSE Nifty tumbled 274.15 points or 1.18 per cent at 22,866.35 in the early deals.
"The economy is resilient and corporate earnings are improving, but the market is steadily going down. This is a case of external headwinds overpowering domestic tailwinds. Brent crude at USD 106 and the US 10-year yield at 5.2 per cent are strong headwinds that are weighing on markets," V K Vijayakumar, Chief Investment Strategist, Geojit Investments said.
According to Shrikant Chouhan, Head Equity Research, Kotak Securities, technically, the market continues to decline, but the pace of the fall has moderated.
"This divergence in price action suggests that selling pressure may be gradually losing momentum. As a result, the market could remain volatile near the lower levels and potentially enter a bottoming-out phase," he said.
From the 30 Sensex constituents, only Tata Steel edged higher, with its shares climbing 0.19 per cent. Among the 29 firms that declined, banking and financial services were the major laggards, with shares of HDFC Bank slipping 1.86 per cent, Bajaj Finance falling 1.73 per cent, Kotak Mahindra Bank shedding 1.62 per cent, State Bank of India dipping 1.52 per cent. Trent and Hindustan Unilever were also among the major laggards.
On Friday, the Sensex jumped 315.20 points, or 0.43 per cent, to settle at 73,895.74, while the Nifty edged up 77.40 points, or 0.34 per cent, to end at 23,140.50.
Brent crude, the global oil benchmark, traded 2.27 per cent higher at USD 106.7 per barrel, according to news agency PTI.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 3,693.93 crore on Friday, while Foreign Portfolio Investors (FPIs) also turned sellers in September.
"FPIs, after turning buyers in July and August have again turned sellers in September. This scenario will keep the market under pressure in the near-term," Vijayakumar said.
In Asian markets, South Korea's KOSPI, Japan's Nikkei 225 index, Shanghai's SSE Composite index declined, while Hong Kong's Hang Seng index quoted higher.
(With inputs from PTI)
