First Trade: Sensex dives 400+ points, Nifty slips below 23,000; Zomato drops 2%

Indian equity markets began Monday on a bearish note, with the NSE Nifty 50 dropping 171 points or 0.74 per cent to 22,921.20, while the BSE Sensex opened 490.03 points or 0.64 per cent lower at 75,700.43.

In the pre-opening session, the Sensex had briefly traded higher at 76,461.65, up 271.19 points or 0.36 per cent, but the Nifty 50 slipped 183.25 points or 0.79 per cent to 22,908.95.

GIFT Nifty indicated a weak start for the indices, trading 59 points or 0.25 per cent lower at 23,072.50 during early hours.

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Market sentiment and technical outlook

“The Nifty’s three-week losing streak continues, with Friday’s session closing on a bearish note. Breaking above 23,475 is essential for a near-term bullish shift. Otherwise, the index remains vulnerable around 22,976, with a long-term downside target in the 22,500–22,800 zone,” said Akshay Chinchalkar, Head of Research at Axis Securities.

Sectoral and stock performance

Among Sensex constituents, Tech Mahindra managed a slight gain of 0.14%, while Tata Motors and NTPC traded flat. However, major laggards included Infosys (-1.34%), Kotak Mahindra Bank (-1.32%), and ICICI Bank (-1.28%). Zomato fell 1.11%, HCL Tech slid 0.70%, and TCS declined 1.10%.

Markets remain under pressure, weighed down by global cues and tepid corporate earnings.