- Indian equity benchmarks opened lower, extending a five-day losing streak
- Nifty 50 fell 0.87% to 22,402.85, Sensex dropped 561.89 points to 72,561.94
- IT, PSU banks, and rural sectors saw the steepest declines, pharma gained 0.36%
Indian equity benchmarks opened lower on Monday, extending their declines for a fifth consecutive session as selling pressure persisted across heavyweight stocks and most sectors. The Nifty 50 fell 0.87% to 22,402.85, while the Sensex dropped 561.89 points, or 0.77%, to 72,561.94. Market breadth remained weak, with 1,688 stocks declining on the National Stock Exchange, compared with 767 advances and 89 unchanged stocks.
The weakness was broad-based, with information technology, public sector banks and rural-focused stocks among the worst-performing sectors. The Nifty IT index fell 1.67%, while the Nifty PSU Bank index declined 1.36% and the Nifty Rural index lost 1.09%. The Nifty Pharma index was the only sectoral index shown in positive territory, rising 0.36%.
Investors will track the US Federal Reserve's October 27–28 policy meeting and the ongoing September-quarter earnings season for cues on market direction. The Fed is widely expected to leave interest rates unchanged, but its guidance on the future policy path could influence US Treasury yields, the dollar and foreign portfolio flows into emerging markets.
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Nifty 50 support and resistance levels
The Nifty 50 faces immediate resistance at 22,750–22,800, according to Sachin Gupta, vice president of technical research at Choice Broking. A sustained move above this range could ease selling pressure and open the way for a recovery towards 23,000.
On the downside, the index has immediate support at 22,400–22,300. A decisive break below this zone could extend losses towards 22,200–22,000, Gupta said.
The index's near-term outlook remains cautious to bearish, with a sustained move above 22,800 needed to improve recovery prospects. A break below support could accelerate the decline.
Fed policy meeting, earnings in focus
The Federal Reserve's policy decision and commentary will be key drivers for global markets this week. Although a rate hold is widely expected, a more hawkish tone could keep US Treasury yields elevated, strengthen the dollar and constrain foreign portfolio flows into emerging markets. A more measured outlook could offer some relief to risk assets.
“The September-quarter earnings season will continue to drive stock-specific moves, with investors scrutinising results, margins and management guidance for signs of resilience in corporate earnings,” said Ponmudi R, chief executive officer of Enrich Money.
Performance across key sectors will also help determine whether selective buying can offset broader macroeconomic headwinds.
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