Indian Sensex drops over 500 points as IT stocks lead losses

Indian equity benchmarks opened lower on Monday, with the Sensex down 521.64 points to 72,602.19 and the broader Nifty at 22,422.60, a decline of 177.40 points. The slide was driven by a 2.3% drop in information-technology stocks, led by Infosys, which fell 3.4% after revising its revenue growth outlook amid weaker demand in its North American market.

Crude oil prices also eased, with Brent futures around $114 a barrel, down from a near six-month high of $117, while concerns over supply disruptions in Saudi Arabia kept market attention focused on oil.

Investors are awaiting the U.S. Federal Reserve’s policy decision later this week, adding to the cautious sentiment.

"Nifty 50 continues to remain under selling pressure, with the 22,750–22,800 zone acting as an immediate resistance band and attracting persistent selling interest. A sustained breakout above this range could help stabilise the index, ease near-term selling pressure and pave the way for a recovery towards the psychological 23,000 mark," said Ponmudi R, CEO of Enrich Money.

"On the downside, immediate support is placed at 22,400–22,300. A decisive breakdown below this zone could intensify selling pressure and expose the index to further downside towards 22,200–22,000. The index maintains a cautious-to-bearish outlook, with a sustained move above 22,800 required to improve recovery prospects, while a breakdown below the immediate support zone could accelerate the decline," he added.