Nifty settles below 24,250; PSU Bank stocks decline
In the barometer index, the S&P BSE Sensex declined 171.72 points or 0.22% to 77,369.11. The Nifty 50 index fell 32.95 points or 0.14% to 24,219.05. Over the last two trading sessions, the Sensex gained 0.82%, while the Nifty advanced 0.72%.
In the broader market, the BSE 150 MidCap Index shed 0.01% and the BSE 250 SmallCap Index declined 0.17%. The market breadth was negative.
Among the sectoral indices, the Nifty Metal index (up 1.59%), the Nifty Realty index (up 0.60%) and the Nifty Reits & Realty index (up 0.50%) outperformed the Nifty 50 index.
Meanwhile, the Nifty PSU Bank index (down 0.93%), Nifty Cements index (down 0.75%) and the Nifty Media Index (down 0.58%) the underperformed the Nifty 50 index.
Numbers to Track:
The yield on India's 10-year benchmark federal paper rose 0.34% to 6.869 compared with the previous session close of 6.864.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 95.7400 compared with its close of 95.7150 during the previous trading session.
MCX Gold futures for 05 October 2026 settlement rose 0.63% to Rs 1,63,459.
The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.17% to 98.89.
The United States 10-year bond yield fell 0.65% to 4.707.
In the commodities market, Brent crude for October 2026 settlement fell $1.58 or 1.67% to $92.75 a barrel.
Global Markets:
European shares traded higher on Monday, lingering near three-week lows as a dramatic escalation in U.S.-Iran economic threats kept risk appetite firmly in check despite a brief pullback in crude oil prices.
Asian markets ended lower as rising government bond yields around the world continued to weigh on risk appetite. Bond yields in Japan, France and Germany have climbed to multiyear highs, while U.S. long-term yields have also remained elevated.
Treasury Secretary Scott Bessent's decision to at least double the size of planned buybacks of longer-dated government debt to $4 billion per operation from $2 billion initially offered relief to the bond market. However, the gains quickly faded, with Treasury yields rebounding as investors remained concerned about inflation, government borrowing and the broader fiscal outlook.
U.S. stocks found firmer footing on Friday after data showed continued economic resilience and a sharp acceleration in services-sector activity. The Dow Jones Industrial Average rose 0.98%, while the S&P 500 gained 0.43% and the Nasdaq Composite advanced 0.44%.
S&P Global's flash PMI showed U.S. services activity accelerated sharply in August, with the Services PMI rising to 56.8 from 54.6 in July.
In the week ahead, investors will focus on quarterly results from AI chipmaker Nvidia, along with earnings from software companies including Intuit, Salesforce and CrowdStrike. Markets will also be watching whether Nvidia's results and outlook can sustain investor enthusiasm around artificial intelligence.
The U.S. economic calendar includes the July Personal Consumption Expenditures price index, the Federal Reserve's preferred inflation gauge, due on Wednesday, 26 August.
Markets will also turn to the Federal Reserve's Jackson Hole symposium from 27-29 August, where Fed Chair Kevin Warsh is scheduled to speak on Friday. Investors will look for clues on the outlook for interest rates, particularly after stronger-than-expected August services activity reinforced concerns about inflationary pressures.
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