The Indian stock market opened on a weak note today, with the Sensex falling 280 points and the Nifty 50 slipping below the 24,800 mark. Broader indices witnessed selling pressure across sectors, especially in metal and auto stocks, which dropped over 1%.
According to market analysts, the decline came amid weak global cues, rising US bond yields, and sustained foreign institutional investor (FII) outflows. Investors remained cautious ahead of key US economic data releases and the outcome of the Fed’s policy meeting.
Metal stocks such as Tata Steel, Hindalco, and JSW Steel led the losses, reacting to falling global commodity prices. Meanwhile, auto majors like Maruti Suzuki, M&M, and Tata Motors also saw notable corrections, with concerns over demand slowdown and margin pressure.
On the sectoral front, Nifty Metal and Nifty Auto indices declined over 1.2% each. Other sectors like IT and realty remained flat, while FMCG showed slight gains, providing some support to the market.
In the broader market, midcaps and smallcaps also traded in the red, underperforming large-cap peers. The India VIX, a gauge of market volatility, rose by 3%, signaling growing uncertainty.
“The market is facing profit booking after recent highs. Also, global headwinds are keeping traders cautious,” said a senior analyst from a Mumbai-based brokerage.
Despite the correction, experts suggest that long-term investors should remain focused on quality stocks and use dips to accumulate. However, short-term traders are advised to maintain strict stop losses due to increased volatility.
