Sensex, Nifty Close Lower As Weakness In IT, Metal And Realty Stocks Drags Markets
Mumbai: Indian benchmark indices ended Monday's session in the red as selling in IT, metal, realty and media stocks, along with weak global cues, kept investors cautious. The Sensex dropped 307.24 points, or 0.40%, to close at 76,957.27. The Nifty declined 95.25 points, or 0.39%, to settle at 24,080.40. IT, Metal Stocks Weigh on Market ITC, Bharti Airtel and Eternal were among the biggest losers…
Mumbai: On Monday, India's major stock market indices closed lower as selling in IT, metal, realty, and media companies, combined with a lackluster performance from global markets, kept investors on edge. The Sensex slipped 307.24 points, or 0.40%, to 76,957.27, while the Nifty fell 95.25 points, or 0.39%, to 24,080.40. Among the biggest losers on the Nifty were ITC, Bharti Airtel, and Eternal, which added to the pressure on the index.
The Nifty's Media, Metal, Realty, and IT sectors all underperformed. However, some relief came from buying in Auto and Private Bank stocks. The broader market showed a divided trend, with the Nifty MidCap index up 0.24% and the Nifty SmallCap index down 0.74%.
On the technical side, the Nifty may see a slight bounce back towards the 24,180-24,200 range in the near term. Nevertheless, this zone is considered resistance. For the Nifty to gain another 100 points, it would need to break above 24,200. If it does, immediate support would be at 23,990, but a break below this level could trigger further declines.
Global factors, such as escalating US-Iran tensions, are also contributing to market caution. Oil prices and bond yields have risen due to these geopolitical tensions. The Sensex and Nifty outlooks remain cautious, with key hurdles for bulls at 78,000 for the Sensex and 24,400 for the Nifty. The rupee has strengthened slightly since earlier in the week, closing at its highest level since August 5. For USDINR, resistance is around 95.50, and support is near 94.90.
Written by urgent.news from Free Press Journal's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
