IT Stocks Pull Sensex, Nifty Lower as Investors Await U.S.-Iran Talks
Mumbai — Indian benchmark equity indexes closed lower Tuesday as weakness in information technology stocks weighed on the market and investors remained cautious ahead of scheduled U.S.-Iran talks in Doha.
The Nifty fell 80.50 points, or 0.34 percent, to close at 23,865.75. The Sensex declined 249.70 points, or 0.33 percent, to settle at 76,478.67.
Market analysts said the 24,000 level has emerged as the Nifty’s immediate resistance zone.
“A sustained move above this band will be essential to revive bullish momentum and could pave the way for a recovery towards the 24,100–24,200 region,” an analyst stated.
“On the downside, the 23,800 level remains the immediate support, holding above these levels will be crucial to prevent further weakness and preserve the broader recovery structure,” a market expert mentioned.
Maruti Suzuki, Titan, Bajaj Finance, Eternal and Adani Ports were among the leading gainers in the Sensex.
Infosys, Tata Consultancy Services, HCL Technologies, Tech Mahindra and Hindustan Unilever were among the benchmark’s biggest losers.
Broader markets outperformed the main indexes. The Nifty MidCap index rose 0.37 percent, while the Nifty SmallCap index gained 1.02 percent.
Among sectoral indexes, Nifty IT, Nifty Media and Nifty PSU Bank recorded the largest declines amid selling pressure in technology and banking stocks.
Nifty Realty, Nifty Consumer Durables and Nifty Chemical ended in positive territory, supported by sector-specific buying.
Analysts said some investors remained on the sidelines while awaiting the outcome of the U.S.-Iran talks in Doha, as geopolitical developments continued to influence global market sentiment. (Source: IANS)
