Benchmark stock market indices opened marginally lower on Monday as early selling pressure in IT stocks weighed on overall sentiment, even as gains in metal stocks provided some support. The mixed sectoral cues capped any meaningful upside at the start of trade.
As of 9:23 am, the S&P BSE Sensex was down 68.48 points at 85,693.53, while the NSE Nifty50 slipped 15.35 points to 26,313.20.
Commenting on the market setup, Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Investments Limited, said that one positive takeaway for India from the Venezuela crisis is that its medium- to long-term impact on crude oil prices is likely to be bearish. He added that markets may remain resilient in the near term, as indices are trading near all-time highs and momentum continues to favour the bulls.
Vijayakumar also pointed out that the Bank Nifty remains strong, backed by robust credit growth and sound fundamentals. He expects the third-quarter results for the banking and financial sector to be encouraging, which could provide further support to the broader market.
On the gainers’ side, Bharat Electronics led the pack, rising 3.18 percent. Tata Steel advanced 1.86 percent, Axis Bank gained 1.44 percent, UltraTech Cement added 1.34 percent, and State Bank of India rose 1.22 percent, offering early support to the indices.
However, heavyweight IT stocks were under pressure. Infosys was the top loser, falling 3.07 percent, followed by HCL Technologies, which declined 2.93 percent. Tech Mahindra slipped 1.67 percent, TCS fell 1.52 percent, and HDFC Bank eased 1.33 percent, dragging the benchmarks lower.
Vijayakumar cautioned that 2026 has begun amid major geopolitical developments that could have far-reaching consequences for markets. He noted that US action in Venezuela has the potential to further destabilise global geopolitics.
He also flagged ongoing and potential flashpoints, including the prolonged Russia-Ukraine conflict, the risk of escalating protests in Iran amid threats of external intervention, and the possibility that China could exploit the current global uncertainty to make a move on Taiwan. According to him, this heightened geopolitical uncertainty and unpredictability is likely to influence market behaviour in the period ahead.
