Indian Stock Market Slides Amid Lackluster Trade

The Indian stock market declined on Monday as key indices, Sensex and Nifty, registered losses amid continuous profit booking at higher levels. Lack of significant catalysts kept investors cautious, leading to a downward trend in most sectors except Media, FMCG, and PSU Bank, which witnessed mild buying interest.

The Indian stock market faced a downbeat session on Monday, with both Sensex and Nifty registering significant declines. The Sensex fell by 345.91 points, finishing at 84,695.54, while the Nifty slipped 100.20 points to close at 25,942.10.

In the early trading hours, Nifty edged up slightly by 0.08%, opening at 26,063.35, whereas the Sensex started slightly down at 85,004.75. Despite some gains in sectors like Nifty Media, Nifty FMCG, and Nifty PSU Bank, key indices like Nifty IT and Nifty Bank suffered notable losses.

Shrikant Chouhan of Kotak Securities pointed out the persistent profit-taking pressure, especially after the market opened weakly and breached crucial levels. Vinod Nair from Geojit Investments emphasized the lack of immediate growth catalysts, anticipating investor focus to pivot towards forthcoming Q3 earnings and clarity on U.S. trade. Meanwhile, Jateen Trivedi of LKP Securities highlighted the rupee's vulnerability and upcoming Fed meeting minutes as factors to watch.

(With inputs from agencies.)