In a bloodbath on Dalal Street, the stock markets plunged on Monday morning following the global sell-off, as trade war fears increased amid impending US reciprocal tariffs. As of 9:55 a.m. (IST), Sensex was down 2,690 points, or 3.57 percent, at 72,654, and Nifty was down 881 points, or 3.85 percent, at 22,020. Along with large caps, massive selling was also seen in mid-caps and small caps.
The Nifty midcap 100 index was down 2,335 points or 4.61 per cent at 48,310, and the Nifty smallcap 100 index was down 1,055 points or 6.73 per cent at 14,620. On the sectoral front, all indices were in the red. Auto, IT, realty, media, energy, and infrastructure were significant laggards. In the Sensex pack, Tata Steel, Tata Motors, Infosys, Tech Mahindra, L&T, HCL Tech, TCS, Reliance Industries, NTPC, Axis Bank, M&M, Kotak Mahindra Bank, IndusInd Bank, and M&M were significant laggards.
Selling was seen in most Asian markets. Tokyo, Shanghai, Bangkok, Seoul, and Hang Seng fell to 11 percent. The US markets witnessed a massive sell-off on Friday due to reciprocal tariffs. The Dow closed by 5.50 percent, and the technology index Nasdaq, was down by nearly 5.82 percent. Oil prices have been sharply lower amid global uncertainties, especially as Saudi Arabia issued its most significant price cut on the commodity in years.
Brent crude slipped 2.67 per cent to $63.82 a barrel, while West Texas Intermediate fell 2.69 per cent to $60.31. Hardik Matalia, Derivative Analyst, Choice Broking, said, “On the technical front, the Nifty 50 has formed a bearish candle on the daily chart, signaling selling pressure at key resistance levels. Immediate support is seen at 22,400 and 22,000 for intraday trading, as the index has historically shown stability around these zones.” “These levels could act as reversal points, offering buying opportunities if supported by favourable price action,” he added.-IANS
