Indices continue to trade with significant losses; European shares trade in the green
The benchmark indices continued to trade in a subdued manner in afternoon session on Monday, weighed down by weak global cues, rising crude oil prices and weakness in global technology stocks amid concerns over the reliability and safety of AI agents. The Nifty traded below the 23,000 level.
Investors remained focused on crude oil price movements, developments in the primary market and upcoming initial public offerings (IPOs). A series of domestic and global economic data releases due during the week are also expected to influence market expectations around monetary policy decisions by central banks.
At 13:20 IST, the S&P BSE Sensex was down 977.25 points, or 1.32%, at 72,918.49. The Nifty 50 index was down 309.75 points, or 1.34%, at 22,830.75.
In the broader market, the Nifty Midcap 100 index fell 1.37%. The Nifty Smallcap 100 index fell 1.46%.
The market breadth favored the sellers. On the BSE, 1291 shares were trading in green, while 3045 shares were trading in red. A total of 264 shares were unchanged.
Gainers & Losers:
Dr Reddy's Lab (up 2.34%), Infosys (up 0.33%), SBI Life (up 0.13%), TCS (up 0.03%) and Apollo Hospitals (up 0.02%) were the top gainers.
Adani Enterprises (down 2.93%), Jio Financial (down 2.71%), Adani Ports (down 2.66%), Tata Motors Passenger Vehicle (down 2.44%) and Larsen & Toubro (down 2.26%) were the top losers.
Stocks in Spotlight:
Lupin shed 0.91%. The company said that it has received tentative approval from the United States Food and Drug Administration (U.S. FDA) for its new drug application for Apixaban oral suspension.
Silver Touch Technologies added 2.20%. The company announced the receipt of a purchase order from the Space Applications Centre (SAC), ISRO, for the supply of high-end workstations.
Kalpataru Projects International lost 0.94%. The company informed that it has received a letter of award (LoA) for the engineering, procurement and construction (EPC) of a gas pipeline project in the United Arab Emirates (UAE). According to the company's project classification, the 'major' project is valued over Rs 4,000 crore.
Global Market:
US Dow Jones index futures were down 189 points on Monday, pointing to a weak opening for US stocks.
Investors braced for weakness in technology shares after OpenAI paused training of its latest artificial intelligence models amid several instances of its AI agents going rogue. The news came just days after OpenAI said it was investigating incidents involving OpenAI agents using government websites in unexpected manners.
Heightened tensions surrounding Iran also weighed on sentiment after US President Donald Trump rejected an Iranian peace proposal to resolve the conflict and reopen the Strait of Hormuz.
Meanwhile, european shares edged higher on Monday, supported by a rally in British housebuilders, although gains were capped by a rebound in oil prices and elevated bond yields.
British housebuilders' stocks surged after the government said it would confirm a new equity loan programme for first-time buyers in next month's budget, reviving a policy designed at boosting home ownership and supporting home construction.
On the other end, most Asian stock indices edged lower as investors remained cautious amid uncertainty over developments in the US-Iran conflict and the outlook for the Strait of Hormuz.
Last week on Wall Street, US stocks ended higher on Friday, led by gains in technology shares. The Dow Jones Industrial Average rose 0.93% to 51,828.62, while the S&P 500 gained 0.51% to 7,743.41. The Nasdaq Composite advanced 0.48% to 27,068.72.
US President Donald Trump said he expected the conflict with Iran to end very soon, while continuing to signal uncertainty over further military action. Investors also remained focused on developments around the Strait of Hormuz, a key route for global oil shipments.
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