New Delhi: Indian equity markets came under renewed selling pressure on Monday, with the benchmark Sensex declining more than 700 points and the Nifty 50 slipping below the 22,350 mark in afternoon trade, as losses in information technology, fast-moving consumer goods (FMCG) and banking stocks weighed on investor sentiment.

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According to a Business Standard report, the 30-share BSE Sensex was down 723.08 points, or 1%, at 71,749.25, while the NSE Nifty 50 fell 185.85 points, or 0.83%, to 22,349.70. The decline erased the gains recorded earlier in the session, despite a positive opening supported by favourable signals from GIFT Nifty.

Market Shows Resilience

The broader market showed some resilience, with the Nifty MidCap index rising 0.02% and the Nifty SmallCap index advancing 1.17%. Sectorally, media and automobile stocks were among the leading gainers, while public sector bank shares witnessed the steepest decline among sectoral indices.

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Market sentiment remained cautious as investors weighed elevated global bond yields, persistent foreign investor outflows and geopolitical uncertainties. Although crude oil prices eased in early trade, they remained elevated, limiting optimism over the broader economic outlook.

Investors were also tracking the Reserve Bank of India's recent measures to support the rupee, along with developments in corporate earnings for the July-September quarter of FY27. HCL Technologies, Avenue Supermarts (DMart), Mahindra & Mahindra and other companies remained in focus amid the ongoing earnings season.

Global Economic Development

Individual stocks bucked the broader weakness. Suzlon Energy gained around 4.4% after announcing plans to invest approximately Rs 550 crore in three artificial intelligence-powered blade factories. Aeroflex Industries surged around 15% following its expansion plans, while Indian Railway Finance Corporation (IRFC) advanced more than 4% amid expectations of an interim dividend announcement.

The market's direction in the coming sessions is likely to depend on quarterly earnings, crude oil movements, foreign investor activity, currency trends and global economic developments.