Sensex, Nifty Close Lower as West Asia Tensions Weigh on Markets
Mumbai — Indian equity markets ended lower Monday as losses in automobile, information technology and public-sector banking stocks weighed on the benchmark indices amid renewed geopolitical tensions in West Asia.
The Sensex fell 372.10 points, or 0.48 percent, to close at 76,728.37, while the Nifty declined 109.75 points, or 0.46 percent, to settle at 23,946.25.
Market analysts said the 24,000 level is likely to act as immediate resistance for the Nifty, followed by a stronger supply zone between 24,100 and 24,200.
“On the downside, the 23,900 level now acts as an immediate support, followed by the 23,800 zone. Holding above these levels will be crucial to prevent further weakness,” an analyst stated.
Investor sentiment remained cautious as concerns over escalating tensions in West Asia encouraged traders to reduce risk. Selling pressure was most visible in automobile, IT and public-sector banking shares.
Mahindra & Mahindra and Tata Motors Passenger Vehicles were among the biggest decliners on the Nifty during the session.
Broader markets also finished lower, with the Nifty MidCap index falling 0.37 percent and the Nifty SmallCap index declining 0.62 percent.
Pharmaceutical stocks were the strongest performers, with the Nifty Pharma index posting the largest sectoral gain. The Nifty Metal and Nifty Healthcare indices also outperformed the broader market amid selective buying.
The Nifty Auto, Nifty Chemical and Nifty Oil and Gas indices were among the session’s weakest performers.
Analysts said investors are expected to closely track developments in West Asia, along with domestic and global economic signals, for clues about the market’s direction in the coming sessions.
“Profit booking persisted near key psychological levels as investors remained cautious about the sustainability of the interim US–Iran peace agreement,” according to market experts. (Source: IANS)
