Selling pressure dominated Indian equity markets in early trade on Monday, October 26, with the Sensex and Nifty opening lower amid mixed global market cues and selling in heavyweight stocks. IT and banking shares remained under pressure, while buying interest was visible in select stocks, including Kotak Mahindra Bank and Dr. Reddy's Laboratories.
The Sensex declined 269.07 points to 72,854.76 in early trade, while the Nifty fell 99.75 points to 22,500.25. Declining stocks significantly outnumbered advancing stocks on the NSE, reflecting broad-based selling across the market.
Selling intensified after the opening bell, with pressure increasing on both benchmark indices as trading progressed. At one stage, the Sensex dropped by more than 600 points to around 72,514, while the Nifty traded below the 22,500 mark.
The weakness extended beyond large-cap stocks. According to early market data, 877 stocks advanced on the NSE, while 1,794 stocks declined and 202 stocks remained unchanged.
The market breadth indicated that selling outweighed buying, with investors reducing exposure to companies whose quarterly results or business guidance fell short of expectations.
IT stocks recorded the sharpest losses among sectoral indices. The Nifty IT index declined 1.59 percent to 31,486.50 as selling in major technology companies weighed on the sector.
The Nifty PSU Bank index fell 0.96 percent, while the Auto index declined 0.61 percent. The Realty index slipped 0.78 percent.
The FMCG and Metal indices each declined 0.31 percent, Oil & Gas fell 0.30 percent, and the Nifty Bank index lost 0.21 percent. Despite the broader weakness, buying interest persisted in select pharmaceutical and banking stocks.
Kotak Mahindra Bank outperformed the broader market during the session. The stock rose 2.82 percent to Rs 442.65 in early trade and later gained nearly 4 percent.
Investor interest increased following the bank's September-quarter results. Kotak Mahindra Bank reported a 26 percent year-on-year increase in consolidated profit to Rs 5,645 crore.
Among other gainers, Dr. Reddy's Laboratories rose 1.67 percent, JSW Steel advanced 1.17 percent, Cipla gained 0.62 percent, Sun Pharma added 0.47 percent, and Maruti Suzuki also registered modest gains.
Shriram Finance emerged as the biggest loser on the Nifty, with its stock falling 5.10 percent in early trade after the company lowered its loan growth guidance.
Infosys declined 1.82 percent after reducing its revenue growth forecast for the current financial year despite reporting higher September-quarter profit.
Bajaj Finance fell 1.78 percent, Asian Paints declined 1.44 percent, and Titan lost 1.23 percent. HDFC Life, Hindalco, and SBI Life also traded in negative territory.
International crude oil prices eased slightly on Monday, although Brent crude continued to trade around $114 per barrel. Investors remained cautious due to tensions in West Asia and concerns over oil supply.
Indian markets had also closed lower in the previous session, with the Sensex ending at 73,123.83 and the Nifty at 22,600 on Friday.
Market participants are now tracking corporate quarterly earnings, global market developments, and the upcoming U.S. Federal Reserve meeting. The market figures reported relate to early trading, and stock prices may change during the session.
