Mumbai: Indian benchmark indices opened slightly lower on Monday amid mixed global cues and the absence of strong domestic triggers, with broad-based selling seen across most sectors except PSU banks.

At 9.25 am, the Sensex was down 220 points, or 0.26 per cent, at 83,718, while the Nifty slipped 42 points, or 0.17 per cent, to 25,679.

Broader market indices, however, outperformed the benchmarks, with the Nifty Midcap 100 rising 0.21 per cent and the Nifty Smallcap 100 gaining 0.63 per cent.

Among Nifty stocks, SBI, Kotak Mahindra Bank, and ONGC were among the top gainers, while Maruti Suzuki, Tech Mahindra, Axis Bank, and Titan Company were among the main laggards.

In sectoral performance, Nifty PSU Bank emerged as the top gainer, adding 1.76 per cent. Nifty Metal rose 0.52 per cent, and Nifty Media advanced 0.39 per cent. On the downside, Nifty Consumer Durables fell 0.83 per cent, while FMCG and IT slipped 0.35 per cent and 0.33 per cent, respectively.

Analysts attributed the decline to profit booking and renewed selling by foreign institutional investors (FIIs), which halted the rally towards record highs. They noted that FIIs have been following a strategy of booking profits in Indian markets and reallocating funds to better-performing global markets, a move that has worked well for them so far. However, a strong rebound in India’s corporate earnings could reverse this trend, analysts added.

They also highlighted the steady demand for automobiles, especially small cars, which continues to exceed expectations. Immediate support for the Nifty is seen around the 25,600–25,500 range, with resistance at 25,800–26,000.

In global markets, US indices closed higher on Friday, with the Nasdaq gaining 0.61 per cent, the S&P 500 up 0.26 per cent, and the Dow Jones Industrial Average edging up 0.09 per cent.

Most Asian markets were trading in positive territory on Monday morning. Japan’s Nikkei rose 2.12 per cent, Hong Kong’s Hang Seng Index gained 0.23 per cent, and South Korea’s Kospi advanced 2.27 per cent. However, China’s Shanghai Composite slipped 0.08 per cent, and the Shenzhen Component declined 1.21 per cent.

On Friday, FIIs sold equities worth ₹6,769 crore, while domestic institutional investors (DIIs) continued their buying streak for the seventh consecutive session, purchasing shares worth ₹7,068 crore.

IANS