Sensex, Nifty Close Slightly Lower as Asian Markets Weaken
Mumbai–Indian benchmark equity indices closed marginally lower Tuesday after trading in a narrow range, as losses in state-run banks, consumer goods and chemical stocks offset strong gains in the information technology sector.
The Sensex fell 69.86 points, or 0.09 percent, to close at 76,765.92, while the Nifty declined 10.60 points, or 0.04 percent, to settle at 23,985.35.
Market analysts said 24,050 remained a key resistance level for the Nifty, while support was seen near 23,920.
“A decisive move above 24,050 in the near term might provide the required strength for the index to move towards 24,500 in the short term. On the lower end, support is placed at 23,800,” an analyst said.
Hindustan Unilever, Bharat Electronics and Coal India were among the biggest losers on the Nifty and weighed on the benchmark indices.
The broader market ended mixed. The Nifty MidCap index gained 0.08 percent, while the Nifty SmallCap index fell 0.22 percent.
FMCG, public-sector bank and chemical stocks remained under pressure. The Nifty FMCG index ended a two-session winning streak, while the Nifty PSU Bank and Nifty Chemical indices also closed lower.
Information technology stocks outperformed the broader market, with the Nifty IT index surging more than 3 percent. The index extended its gains for a third consecutive session and helped limit losses in the benchmark indices.
“While easing geopolitical tensions in the Middle East offered some relief, renewed weakness in global technology stocks — triggered by concerns over China’s advances in semiconductor manufacturing and their implications for AI-related valuations — kept investors on the sidelines,” a market expert said.
The Indian rupee strengthened for a third consecutive session, supported by lower imported commodity prices and a steady supply of dollars from banks.
“From a technical standpoint, the spot USDINR pair finds immediate support in the 95.60 to 95.40 range, while 96.15 continues to pose a key overhead hurdle,” the expert said. (Source: IANS)
