Mumbai, Jan 27 (IANS) The Indian benchmark indices opened lower on Monday amid poor Q3 earnings and weak global cues in the week of Union Budget 2025-26.
Sensex was trading at 75,756.52, down 433 or 0.57 per cent at around 9.32 am while the Nifty 50 dropped below 23,000 at 22,963.75, or 128.45 points down (0.56 per cent).
However, the stock market appeared to pare losses as the day progressed.
Britannia, HUL, ICICI Bank and Dr Reddy’s Labs were among gainers on the Nifty, while losers were HDFC Bank, Infosys, NTPC, Bharat Electronics, Hindalco, Trent and Axis Bank. Except realty, all other sectoral indices were trading in the red,
According to experts, from a technical perspective, the market is consistently facing selling pressure at higher levels and is forming lower tops on daily charts, which is negative.
The strategy should be to reduce weak long positions below 22,950 levels, however, during the week if it falls to 22,600, then we should look for buying select stocks with a medium to long-term view,” said Shrikant Chouhan, head, equity research, Kotak Securities.
The Indian equity markets started on a subdued note as global uncertainties and weak domestic cues weighed on investor sentiment.
Foreign institutional investors (FIIs) continued their selling spree, adding pressure to the markets. FIIs offloaded equities worth Rs 2,658 crore last Friday, reflecting their cautious approach amid global uncertainties.
Meanwhile, domestic institutional investors (DIIs) provided some relief, with net purchases of Rs 2,450 crore, though it wasn’t enough to offset the broader weakness.
“Overall, the markets remained under pressure throughout the session, with investors exercising caution ahead of key global and domestic events. Traders are advised to closely monitor price action at critical support and resistance levels before making any significant moves in the coming days,” said Mandar Bhojane, equity research analyst, Choice Broking.
The Indian stock market outlook for this week will be guided by the Union Budget, Q3 results and global economic cues such as crude oil price, dollar index and US GDP growth rate data.
The Union Budget will be presented in Parliament by Finance Minister Nirmala Sitharaman on February 1.
—IANS
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