Nifty Ends Four-Day Winning Streak as IT, Financial Stocks Weigh on Markets

Mumbai — Indian stocks closed lower Tuesday, with the Nifty snapping a four-session winning streak as losses in information technology and financial shares outweighed gains in metal, media and real estate stocks.

The Sensex fell 329.91 points, or 0.44%, to close at 74,529.08. The Nifty declined 85.30 points, or 0.36%, to settle at 23,329.00.

The decline came as investors booked profits in several heavyweight sectors following recent gains.

Market analysts said the Nifty faces immediate resistance in the 23,400 to 23,500 range, while support is seen at 23,300, followed by 23,200.

“On the downside, 23,300 remains the immediate support, followed by 23,200. A decisive break below 23,300 could intensify selling pressure and expose the index to the 23,200 zone,” market watchers said.

Selling pressure was concentrated in IT and financial stocks. Trent, Tata Consumer Products and Tata Consultancy Services were among the top losers on the Nifty.

Broader markets also ended slightly lower. The Nifty MidCap index slipped 0.08%, while the Nifty SmallCap index declined 0.23%.

Among sectors, the Nifty IT index was one of the weakest performers, while the Nifty PSU Bank and Nifty Pharma indices also ended lower.

Gains in other parts of the market helped limit the decline. The Nifty Media, Nifty Realty and Nifty Metal indices were among the strongest sectoral performers.

Analysts said investors continued to rotate money into select sectors while reducing exposure to IT and financial stocks. (Source: IANS)