Sensex, Nifty End Lower as Banking Stocks Weigh on Markets
MUMBAI — Indian benchmark equity indices ended lower Wednesday after a volatile session, as weakness in banking and financial stocks and concerns over U.S.-Iran tensions kept investors cautious.
The 30-share Sensex fell 141.90 points, or 0.19%, to close at 75,867.80. The index opened higher but lost momentum as the session progressed.
The broader Nifty also ended slightly lower, slipping 6.55 points, or 0.03%, to settle at 23,907.15.
Analysts said the 23,800 level remains an important near-term support zone for the Nifty. A decisive break below that level could extend weakness toward the 23,600 to 23,500 range.
“On the upside, the 24,000–24,100 range continues to act as a strong resistance band, and only a sustained move above this zone could revive bullish momentum toward the 24,200 levels,” an analyst said.
Oil and Natural Gas Corporation, HDFC Bank and HDFC Life Insurance were among the top Nifty losers, with financial stocks under pressure for much of the session.
Among Sensex constituents, Power Grid Corporation of India, Eternal and NTPC rose more than 2% each. Other notable gainers included Tata Steel, IndiGo, Maruti Suzuki, Titan Company and Asian Paints.
Investor sentiment remained subdued as markets tracked developments involving the United States and Iran. Reports of U.S. strikes in southern Iran on Tuesday, despite ongoing negotiations and expectations of a possible deal between Washington and Tehran, added to concerns over the geopolitical outlook.
Broader market indices outperformed the benchmarks. The Nifty MidCap index rose 0.42%, while the Nifty SmallCap index gained 0.15%.
Among sectors, Nifty Financial Services, Nifty Bank and Nifty Private Bank were among the weakest performers. Nifty Media, Nifty Metal and Nifty Auto ended higher, supported by buying in select stocks.
Analysts said persistent geopolitical uncertainty and fresh foreign institutional investor outflows continued to keep traders cautious, even as parts of the broader market showed resilience. (Source: IANS)
