Sensex Closes Down 548 Points as Selling Hits FMCG and IT Stocks

Indian equity benchmarks closed lower on Monday after early gains reversed. The Sensex declined 547.65 points, or 0.76 percent, to 71,924.68. The Nifty 50 settled 157.10 points, or 0.70 percent, lower at 22,363.35.

Selling pressure was broad. Among Nifty constituents, ITC fell 3.23 percent, Tech Mahindra declined 3.10 percent, Hindustan Unilever slipped 2.10 percent, Larsen & Toubro lost 1.87 percent and State Bank of India dropped 1.78 percent. Gainers included Bharat Electronics, which rose 1.38 percent, Mahindra & Mahindra up 0.84 percent, and Kotak Mahindra Bank ahead 0.66 percent.

Auto, media and realty sectors posted gains while FMCG, IT and PSU banks lagged. The session reflected caution linked to global energy price volatility and domestic inflation concerns. Oil prices have remained elevated amid disruptions in the Strait of Hormuz and attacks on Saudi infrastructure.

HCLTech reported adding 6,450 employees on a net basis in the September quarter, its highest quarterly addition in 16 quarters, taking total headcount to 230,339. The hiring figure stood out against the broader market weakness in technology shares.

Foreign portfolio flows and domestic institutional activity will shape the next sessions. The close below 22,400 on the Nifty leaves the index near recent support levels. Corporate results and any further movement in global crude prices remain the immediate variables for Indian equities.