Indian equity benchmark indices, BSE Sensex and Nifty50, started the week on a negative note as they opened in the red on Monday. The BSE Sensex saw a decline of over 200 points, while the Nifty50 hovered around the 24,300 levels. At 9:19 AM, the BSE Sensex was trading at 79,815.45, down by 181 points or 0.23%, and the Nifty50 stood at 24,297.40, down 26 points or 0.11%.

The closing of the benchmark indices on Friday saw minor gains, but the overall week was positive. Analysts anticipate the market to consolidate at a higher zone following a 7% increase in the last month.

Siddhartha Khemka, the Head of Retail Research at Motilal Oswal Financial Services, stated, “In this week, we expect stock and sector-specific action as the market starts taking cues from Q1FY25 earnings. On the macro front, investors will be watching out for inflation data releases from India, the US, and China.”

Nagaraj Shetti from HDFC Securities pointed out that the underlying trend of Nifty remains positive, with a potential upside breakout hurdle in the next few sessions. The immediate support is at 24,170 levels.

Global markets displayed mixed trends, with S&P 500 futures, Hang Seng futures, Japan’s Topix, and Australia’s S&P/ASX 200 all showcasing declines. In the forex market, the euro depreciated while the Japanese yen and offshore yuan remained stable.

Oil prices remained relatively stable as investors monitored energy supply disruptions ahead of Tropical Storm Beryl likely strengthening into a hurricane and making landfall. Brent crude futures edged up after closing down on Friday.

Several stocks are in the F&O ban period today, including India Cements, Hindustan Copper, ABFRL, Bandhan Bank, PEL, and GNFC. Foreign portfolio investors turned net buyers on Friday, while DIIs sold shares. The net long of FIIs reduced slightly.