Nifty Falls for Third Straight Session as Metal Stocks Weigh on Market

Mumbai — Indian equity benchmarks ended mixed to lower Thursday, with the Nifty extending its losing streak to a third consecutive session as weakness in metal stocks and select heavyweights pressured the market.

The Sensex rose 113.61 points, or 0.15%, to close at 78,079.96, while the Nifty fell 40.10 points, or 0.16%, to settle at 24,395.85.

Trading remained subdued for much of the session, with investors cautious amid uncertainty over global markets, geopolitical risks and foreign fund flows.

Technical analysts said the Nifty is approaching an important support area near 24,325, where its 20-day simple moving average coincides with the 38.2% Fibonacci retracement level.

“As long as the 24,325 support remains intact, the broader uptrend is likely to resume, with the index expected to retest the immediate resistance around 24,775,” an analyst said.

“A decisive move above that level could open the door for a further advance towards 24,900,” the analyst added.

Hindalco Industries, UltraTech Cement and Grasim Industries were among the biggest losers on the Nifty as selling pressure in heavyweight stocks limited the broader market.

Mid- and small-cap shares performed better than the benchmark indices. The Nifty MidCap index rose 0.15%, while the Nifty SmallCap index gained 0.27%.

Among sectors, the Nifty Metal index was the weakest performer, falling more than 1%. The Nifty Chemical index outperformed other sectors and finished as the session’s top gainer.

Market analysts said near-term direction is likely to depend on movements in energy markets, geopolitical developments and whether foreign capital inflows remain sustainable.

The Indian rupee also weakened during the session amid strong dollar demand from importers.

“In the near term, spot USDINR is expected to head higher with support at 95.10 and resistance at 95.60,” an analyst said. (Source: IANS)