Benchmark indices ended Monday’s session on a cautious note, with the S&P BSE Sensex dropping 466.26 points to 82,159.97 and the NSE Nifty50 slipping 124.70 points to 25,202.35. Broader markets also saw sharp declines as volatility spiked, reflecting investor nervousness over global developments.
The sell-off was led by information technology stocks, which tumbled nearly 2% after President Donald Trump announced a $100,000 fee for new H-1B visa applications—a move seen as a potential disruption to India’s $283 billion IT outsourcing sector. Pharma stocks also contributed to the downside, snapping a two-session winning streak.
“Concerns over profitability for outsourcing firms, coupled with a weaker rupee against a stronger US dollar, weighed heavily on sentiment today,” said Ponmudi R, CEO of Sebi-registered trading and wealth-tech firm Enrich Money.
The Nifty50 opened slightly weak at 25,206 and traded in a narrow band throughout most of the session. Support held around 25,150, while resistance was seen near 25,330.
Despite a brief mid-session recovery above 25,350, selling pressure dragged the index lower, hitting an intraday low of 25,151. “Although the index dipped, it remained above major moving averages, suggesting buyers are defending lower levels,” added Ponmudi.
Bank Nifty initially held within its upward channel at 55,431 but gave up gains in the latter half of the session, settling near the key support of 55,150. Resistance is seen at 55,830, with a breakout above 56,350 needed to trigger further upside. Hariprasad K, Sebi-registered research analyst and founder of Livelong Wealth, noted that steady domestic inflows and positive growth signals continue to provide support, though foreign flows remain cautious.
On the positive side, the Adani Group maintained momentum, with Adani Power, Adani Total Gas, and Adani Green Energy rising on continued investor interest following SEBI’s clearance.
Meanwhile, the new GST regime came into effect, consolidating four tax slabs into two (5% and 18%) and introducing a 40% rate for “sin goods,” which analysts expect to boost consumption across autos, FMCG, and other sectors.
