Sensex drops over 540 points, Nifty sinks 213 as markets remain under pressure

Indian equities slipped sharply on Monday afternoon, with the Sensex plunging more than 540 points and the Nifty falling over 213 points amid broad-based weakness and the absence of strong domestic cues.

The market opened on a soft note and continued to drift lower as heavyweight stocks dragged the indices and investors stayed cautious, awaiting fresh triggers to set the day’s direction.

At 3 pm, Sensex was down by over 540 points or 0.5% at 85,178.81, while Nifty reeled at 25,973.15, a 0.81% or 213.30 points deficit.

Earlier in the day, Indian stock markets started the week on a weak note as benchmark indices opened lower in the absence of strong domestic cues. 

The Sensex slipped by 93 points, or 0.11%, to trade around 85,619. The Nifty also drifted lower and was seen at 26,137, down 50 points or 0.19%.

Analysts said that Nifty is expected to trade within a defined range today, with near-term resistance placed around 26,300-26,350, where profit-booking may emerge.

Several heavyweight stocks dragged the indices in early trade. Shares of Bajaj Finance, BEL, NTPC, Asian Paints, Power Grid, Trent, Sun Pharma, and ICICI Bank were among the biggest losers on the Sensex.

Analysts said that the market mood remained cautious in early trading as investors awaited fresh triggers to set the direction for the day.

“Given the prevailing conditions, a buy-on-dips strategy remains appropriate. Traders may consider adding long positions if Nifty pulls back toward 26,000-26,050 or if Bank Nifty finds stability above 59,400,” market watchers added.