The S&P BSE Sensex fell 118.96 points, or 0.15%, to close at 81,785.74, while the NSE Nifty 50 eased 44.8 points, or 0.18%, to settle at 25,069.20.
Top Movers
On the Sensex, Mahindra & Mahindra, Asian Paints, Infosys, Titan, Sun Pharma and Tata Consultancy Services were among the biggest losers, slipping between 0.7% and 1.7%.The Nifty IT index, which had advanced 4.3% last week, fell 0.6% to emerge as the day’s main drag.
In contrast, broader markets outperformed, with small-cap and mid-cap indices rising 0.8% and 0.4%, respectively.
Shares of RailTel Corporation jumped 6.5% after the telecom infrastructure group secured an order worth Rs 210 crore.
Alcohol makers Radico Khaitan and Allied Blenders gained 3.8% and 3% respectively after Jefferies began coverage of both with a “buy” rating.
Expert views
Benchmark indices traded largely flat as investors remained cautious ahead of the Fed policy meeting, with the IT index witnessing profit booking after last week’s rally, said Vinod Nair, Head of Research at Geojit Investments.
“While a 25-bps rate cut is largely factored in, markets await guidance on the future rate path to gauge the trajectory for bond yields. Strong domestic consumption continues to underpin sentiment and limit downside, while renewed optimism around trade deals and an expected earnings recovery in H2FY26 are further supporting investor confidence,” said Nair.
In technical terms, the markets took a breather as the Nifty snapped its eight-day winning streak, closing below the 25,100 mark, said Nilesh Jain, Head of Technical and Derivatives Research at Centrum Broking, adding that a Tweezer Top candlestick pattern has formed, suggesting a phase of consolidation may be underway before the next leg higher.
“Despite this pause, the broader trend remains positive as long as Nifty holds above the 24,900 level, which aligns with the 50-DMA. A decisive breakout above 25,150 could trigger short covering and potentially lead to a rally toward the 25,300 zone. Given the recent upward momentum, some profit booking at higher levels is expected. Therefore, the preferred strategy would be to buy on dips,” said Jain.
Global Markets
Global equities held near record highs on Monday at the start of a packed week of central bank meetings, with investors braced for the US Federal Reserve to restart its easing cycle and potentially signal further cuts ahead.
The Bank of Canada is expected to trim rates by 25 basis points, while the Bank of Japan and Bank of England are both set to hold steady.
MSCI’s all-country index hovered just below last week’s peak, while Europe’s Stoxx 600 rose 0.3 per cent. Futures on Wall Street’s S&P 500 and Nasdaq were little changed. Markets have fully priced in a 25 basis point cut from the Fed, taking the funds rate to 4.0–4.25 per cent, with only a 4 per cent chance of a half-point move, according to Reuters.
In Asia, Chinese blue-chip stocks and Hong Kong’s Hang Seng each gained 0.2 per cent, buoyed by renewed bets on Chinese technology shares amid ongoing Sino-US trade talks.
Gold was steady at $3,640 an ounce, just shy of last week’s record $3,673.95.
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