Indian shares edge lower as market consolidates after last week's surge

Indian shares edged lower on Monday, consolidating after last week’s rally fuelled by falling ​crude prices and optimism over foreign inflows.

The Nifty 50 and Sensex fell 0.2% each to 24,931.2 and 80,837.24, respectively, as of 9:35 a.m. IST.

The indexes had jumped about 10.5% in seven sessions till ​Friday, their longest winning streak so far this year, supported ​by strong foreign inflows, easing oil prices and unwinding ⁠of the global AI trade.

Foreign investors have bought Indian shares worth over $4.1 ​billion so far in November — already their biggest monthly inflows since ​September 2024.

“The market enters the new week facing a key test of momentum, with investors likely to weigh the scope for further gains against the ​prospect of near-term profit-taking,” said Ponmudi R, CEO at online ​trading and wealth-tech firm Enrich Money.

Ten of the 16 major sectors traded lower. ‌The ⁠broader small-caps and mid-caps were down 0.1% and 0.3%, respectively.

Brent crude futures hovered around $98 per barrel, after US President Donald Trump said he was highly unlikely to order fresh attacks on Iran ​while talks to ​end the conflict ⁠progress.

Asian markets rose after a wild week where doubts about demand for computer chips sent tech-heavy ​markets in Asia into some of their steepest ​falls in ⁠years.

Divi’s Laboratories jumped 4.6%, extending 7.5% jump in special Diwali session on Sunday, after the drugmaker reported a 64% year-on-year increase ⁠in ​quarterly profit. It helped lift pharma index ​up 1.6%.

Information technology stocks were down 1.3%, while heavyweight financials rose 0.5%.