Indian equity markets extended losses for a fourth consecutive session as broad-based selling in IT, banking, auto, and consumer stocks dragged benchmarks lower. The NSE Nifty50 dropped 436.30 points, or 1.83%, to end at 23,379.55, while the BSE Sensex tumbled 1,456.04 points, or 1.92%, to settle at 74,559.24. According to ET Now, the 30-share Sensex tanked 1,456.04 points, or 1.92%, to settle at 74,559.24, with during the day, it dived 1,565.78 points, or 2%, to 74,449.50. The BSE MidCap Select index tanked 2.92% and the SmallCap Select index declined by 2.73%, indicating widespread selling pressure across market segments. A total of 3,412 stocks declined, while 869 advanced and 129 remained unchanged on the BSE, as reported by ET Now. Foreign Institutional Investors (FIIs) offloaded equities worth ₹8,437.56 crore on Monday, adding to the selling pressure. In four trading days, the BSE gauge has tanked 3,399.28 points or 4.36%, while the Nifty slumped 951.4 points or 3.91%.
Gold jewellery stocks experienced significant declines for the fourth consecutive day following Prime Minister Narendra Modi's renewed appeal to reduce gold purchases. According to The Hindu BusinessLine, Thangamayil Jewellery plummeted 8.32%, while Senco Gold plunged 6.39%, PC Jeweller declined 6.19%, Kalyan Jewellers fell 6.10%, Sky Gold And Diamonds dropped 5.94%, Tribhovandas Bhimji Zaveri declined 5.89% and Titan Company fell 3.60% on the BSE. The decline extended from Monday's massive selling pressure, when Kalyan Jewellers had tumbled over 9% in the first session. As per The Economic Times, Nomura highlighted that this marked the first time since the Iran war began when PM Modi called on citizens to adopt measures to conserve energy and foreign exchange, emphasizing the significance of these comments as an important policy signal.
PM Modi's latest remarks were made during a speech in Vadodara, where he renewed his appeal to reduce gold purchases over the next year amid ongoing West Asia crisis. As reported by Outlook Business, the Prime Minister noted that India spends "lakhs of crores" in foreign exchange every year on imports, even as global supply chains remain under severe stress due to geopolitical tensions and rising commodity prices. Modi emphasized that soaring global prices and disrupted trade routes have increased pressure on India's economy and external accounts, with the government closely monitoring the impact of the West Asia crisis on oil prices, shipping routes and global trade flows. US President Donald Trump on Monday said the ceasefire with Iran was at its "weakest" and on "massive life support", a day after he rejected Tehran's proposal to end the months-long war as "totally unacceptable". "It is at its weakest… After reading that piece of garbage they sent us... It's on life support, massive life support," Trump told reporters at the Oval Office, adding to geopolitical uncertainty.
Technical analysts warn of further downside as markets face sustained pressure. According to ET Now, Hitesh Tailor from Choice Equity Broking noted that the index has continued to decline as bears tighten their grip on the Indian market, with the Nifty further breaking away from its recent consolidation range. The RSI continues to remain in a bearish crossover and is trending lower, reflecting sustained negative momentum. Vipin Dixena from SEBI-registered analysis suggests the Sensex remains technically weak after breaking below key moving averages and is now testing the crucial 74,500 support zone. "The structure continues to show lower highs and lower lows, reflecting strong selling pressure. RSI is in oversold territory, which may trigger a short-term bounce, but the overall bias stays bearish unless the index reclaims 75,000 quickly," Dixena stated. Tailor highlighted that immediate support is now placed in the 73,800–74,000 zone, which is likely to act as a crucial demand area, while resistance is seen around 75,000–75,200. Market experts believe the near-term outlook remains weak, with volatility likely to stay elevated unless benchmark indices reclaim key resistance levels.
Market sentiment remained extremely bearish with sectorally, heavy selling pressure was witnessed across almost all major sectors. As reported by ET Now, realty dropped 4.22%, Focused IT (3.61%), services (3.51%), IT (3.37%), consumer durables (3.35%), and industrials (3%) emerged as major laggards during the session. From the Sensex pack, Tech Mahindra, Adani Ports, HCL Tech, Tata Consultancy Services, Titan and Bharat Electronics were among the major laggards, while the State Bank of India was the only winner from the pack. Oil & Gas, Energy, and Metal showed relatively better resilience compared to the broader market, though they too ended in negative territory. Sector-wise, heavy selling pressure was witnessed across realty, IT, Focused IT, Services, Consumer Durables, Utilities, MidSmall Private Banks, Industrials, Capital Goods, Auto, Financial Services, and Private Banks, as per ET Now. Among large cap names, ONGC, Hindalco Industries and SBI witnessed significant selling pressure, while stocks like Dynamic Cables, Anant Raj, and Thangamayil Jewellery faced substantial selling.
