Sensex drops 400 points, Nifty opens below 24,100

NEW DELHI; The BSE Sensex surged 400 points on Monday morning, with the Nifty50 index nearing the 24,045 mark.

Despite the upbeat start, Nifty opened below 24,100, reflecting mixed market sentiment amid upcoming corporate earnings and global cues.

Among notable gainers were Tata Motors, Asian Paints, LIC, and Biocon, with these stocks drawing strong investor interest.

Key market players including Oil and Natural Gas Corporation, Britannia Industries, Hindalco Industries, Shree Cement, and Bank of India are set to release their September quarter results today, joined by companies like Bajaj Consumer Care, BEML, and Zydus Wellness.

Analysts expect varied performance across sectors, contributing to the market’s cautious tone.

Meanwhile, the Gift Nifty traded around the 24,130 mark, indicating a potential negative start for the Indian benchmark indices.

On Friday, the markets closed on a slightly lower note as the Sensex dipped 55.

47 points to 79,486.

32, while Nifty50 fell 51.

15 points to settle at 24,148.

20.

Technical indicators suggest market consolidation.

On the daily chart, Nifty50 displayed a small negative candle with a lower shadow, hinting at ongoing volatility.

“Nifty on the weekly chart formed a small negative candle with long upper and lower shadow, signaling a high wave pattern.

The short-term trend continues to be choppy, and this consolidation is likely to continue with a weak bias in the near term,” observed Deepak Jasani, Head of Retail Research at HDFC Securities.

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