The Nifty 50 fell 104.60 points to 24,881.80 by 1.21 pm as selling pressure hit IT, metal, and cement stocks. CEO Ponmudi R said, “Nifty 50 opened on a higher note near the 25,076 mark; however, it encountered selling pressure at elevated levels.” Many stocks fell while banking shares gained.
Markets turned sharply lower by afternoon, with the Nifty 50 falling 104.60 points, or 0.42 per cent, to 24,881.80 as of 1.21 pm, after opening at 25,076. The Sensex declined 362.13 points, or 0.45 per cent, to 80,637.27 from its previous close of 80,999.40, as selling pressure broadened across IT, metals and cement sectors, overwhelming early gains in banking and pharma stocks.
Market breadth turned negative on the BSE, where 2,517 stocks declined against 1,757 advances out of 4,530 traded. A total of 133 stocks hit 52-week highs while 52 touched 52-week lows. Stocks in the upper circuit numbered 209 against 174 in the lower circuit.
State Bank of India remained the top Nifty gainer, rising 1.74 per cent to ₹1,033.65 from its previous close of ₹1,016, with volumes of 192.34 lakh shares worth ₹1,995.04 crore, among the heaviest on the index. Nestle India reversed its morning losses to gain 1.09 per cent, trading at ₹1,287.40 against a previous close of ₹1,273.50 on volumes worth ₹101.29 crore. HDFC Bank added 0.98 per cent to ₹791.80 from ₹784.10, with 485.85 lakh shares worth ₹3,857.24 crore changing hands. ICICI Bank gained 0.88 per cent to ₹1,578.80 from ₹1,565, clocking volumes worth ₹2,998.62 crore, while Trent rose 0.80 per cent to ₹3,082 from ₹3,057.50.
On the losing side, HCL Technologies led Nifty declines, falling 2.98 per cent to ₹1,399 from its previous close of ₹1,442, on volumes worth ₹367.03 crore. Tata Steel dropped 2.64 per cent to ₹185.18 from ₹190.20, with 349.03 lakh shares traded worth ₹652.23 crore. UltraTech Cement fell 2.47 per cent to ₹12,190 from ₹12,499, while Infosys declined 2.24 per cent to ₹1,145.40 from ₹1,171.60 on volumes worth ₹821.85 crore. Bharti Airtel shed 1.92 per cent to ₹2,045.50 from ₹2,085.50 on volumes worth ₹827.62 crore.
Ponmudi R, CEO of Enrich Money, noted that the opening gains were short-lived. “Nifty 50 opened on a higher note near the 25,076 mark; however, it encountered selling pressure at elevated levels, pulling the index back below the crucial psychological mark of 25,000,” he said, adding that “the index needs to sustain a breakout above the 25,150–25,200 resistance zone to regain upward momentum.”
The IT sector bore the brunt of Monday’s selling, with both HCL Technologies and Infosys posting losses exceeding 2 per cent. The sector’s underperformance comes against a backdrop of elevated US Treasury yields and rising expectations of a December Federal Reserve rate hike, following Friday’s stronger-than-expected US October jobs report. Thursday’s US CPI data release is now firmly in focus as the next major trigger for the market.
In commodities, gold was a bright spot. COMEX gold futures advanced to around $4,130, gaining approximately 1.3 per cent, after finding support in the $4,070–4,100 zone. COMEX silver outperformed, climbing to around $53.10, a gain of approximately 2.2 per cent. On the domestic front, MCX gold opened near ₹143,550 and advanced to around ₹143,970, gaining approximately 1 per cent, while MCX silver opened near ₹188,600 and gained approximately 1.9 per cent. Ponmudi R noted that “the rupee’s sharp appreciation is also limiting the translation of international gold gains into domestic prices,” explaining the relatively muted MCX advance compared with COMEX.
WTI crude oil traded around $91.20, gaining approximately 0.9 per cent, while MCX crude held near ₹8,560 with little change. Crude prices remained well below last week’s highs above $100 per barrel, as diplomatic signals from Washington reduced the geopolitical risk premium. “Reports that Iran has conveyed a nuclear proposal to Washington through Qatar have added to hopes of renewed diplomatic engagement,” Ponmudi R said, though he cautioned that “renewed tanker attacks in the Strait of Hormuz and Secretary of State Marco Rubio’s rejection of Iran’s demands continue to underscore the fragility of the geopolitical outlook.”
The Indian rupee extended its advance, trading around 93.70 against the US dollar, its strongest level since April, after breaking below the 94.40–94.50 band that had held for nearly five months. The currency recorded its strongest weekly gain of 2026 last week, appreciating approximately 1.1 per cent, supported by foreign portfolio investment inflows of approximately $1.5 billion. “The RBI appeared to ease its defence of the 94.30 level,” Ponmudi R observed, noting that the RSI for USD/INR near 25 indicated deeply oversold conditions, with a technical rebound possible.
Bank Nifty opened with a gap-up near 59,220 but continued to face resistance in the 59,200–59,400 zone. Ponmudi R noted that “a sustained breakout above this resistance band could pave the way for an advance towards the next resistance zone of 59,500–59,600,” while flagging that the RSI at around 73 pointed to overbought conditions. Immediate support for the index lies at 58,600–58,400, followed by the psychological 58,000 mark.