Nifty slips below 24,200 as banks drag; metals, IT buck trend

Market breadth remained positive despite the decline in the benchmarks. On the BSE, 2,330 stocks were advancing against 1,565 declines and 281 stocks were unchanged. 
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Benchmark indices reversed their early gains and traded lower in afternoon trade on Monday, with weakness in heavyweight banking and select large-cap stocks weighing on the frontline indices. At 12.50 pm, the Nifty 50 was down 67.65 points, or 0.28 per cent, at 24,184.35, while the Sensex declined 246.25 points, or 0.32 per cent, to 77,294.58.

The benchmarks had opened higher, with the Nifty opening at 24,285.05 and touching an intraday high of 24,308.20, while the Sensex opened at 77,629.56 and rose to 77,764.98. However, selling pressure subsequently pushed both indices into negative territory.

Among Nifty 50 constituents, metal and information technology stocks remained relatively stronger. Hindalco Industries led the gainers, rising 1.94 per cent to ₹1,054.05. JSW Steel gained 1.45 per cent to ₹1,312.50, while Infosys advanced 1.29 per cent to ₹1,135.50. Tata Steel was up 1.28 per cent at ₹185.35 and Dr Reddy’s Laboratories gained 1.26 per cent to ₹1,189.50.

On the losing side, Adani Ports and Special Economic Zone declined 1.46 per cent to ₹1,675.10. State Bank of India fell 1.40 per cent to ₹1,034.00, while Bharat Electronics declined 1.40 per cent to ₹408.20. Power Grid Corporation of India was down 1.30 per cent at ₹268.85 and Tata Motors Passenger Vehicles fell 1.18 per cent to ₹314.15.

Sudeep Shah, Head – Technical and Derivatives Research at SBI Securities, said frontline indices, after beginning on a flat note, came under selling pressure, particularly due to weakness in heavyweight banking counters. He noted that the broader market continued to show relative strength, with the Nifty Smallcap Index scaling a fresh lifetime high in intraday trade.

Sectorally, Nifty Metal and Nifty IT were the better-performing segments, while Nifty FMCG and Nifty Bank were among the weaker sectors. Shah identified 24,160-24,140 as a crucial support zone for the Nifty, with resistance at 24,280-24,300. A break below 24,140 could take the index towards 24,020-24,000, while a move above 24,300 could extend the rally towards 24,440.

Market breadth remained positive despite the decline in the benchmarks. On the BSE, 2,330 stocks were advancing against 1,565 declines and 281 stocks were unchanged. As many as 152 stocks touched their 52-week highs, while 57 hit their 52-week lows. A total of 189 stocks were locked in the upper circuit and 166 in the lower circuit.

The broader market’s relative resilience continued to contrast with the weakness in large-cap indices, with investors also tracking crude prices, global cues and geopolitical developments during the session.

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Published on August 24, 2026