Sensex Falls 508 Points as FMCG, PSU Bank Stocks Weigh on Markets
MUMBAI — Indian equity benchmarks ended sharply lower Monday, dragged down by losses in FMCG, PSU banking, auto and realty stocks, as investors tracked global developments tied to a possible diplomatic breakthrough between the United States and Iran.
The Nifty closed at 23,382.60, down 165.15 points, or 0.7%, while the Sensex fell 508.40 points, or 0.68%, to end at 74,267.34.
Market analysts said the Nifty’s fall below 23,500 has weakened the near-term technical structure. The 23,500 level is now expected to act as immediate resistance, followed by a stronger resistance zone around 23,600 to 23,750.
“On the downside, the breakdown below 23,500 has weakened the near-term structure and opened the possibility of further downside toward the 23,300–23,250 support zone, which now becomes the next important area to watch,” an analyst said.
Selling pressure was also visible in the broader market. The Nifty Midcap 100 dropped 1.45%, while the Nifty Smallcap index ended 0.88% lower.
Among Nifty stocks, Hindustan Unilever, Shriram Finance and Tata Consumer Products were among the biggest losers. ITC and NTPC were also major laggards, adding to weakness in the headline indices.
On the Sensex, Hindustan Unilever, ITC, NTPC, Mahindra & Mahindra, Kotak Mahindra Bank and Bajaj Finance fell as much as 2.83%. Tech Mahindra, Infosys, TCS and HCLTech were among the top gainers.
Sectorally, the Nifty FMCG index was the worst performer, followed by Nifty PSU Bank, Auto and Realty. Nifty IT, Metal and Media outperformed the broader market and helped limit losses.
Investors also monitored global developments after U.S. President Donald Trump said Washington was pursuing a deal with Iran aimed at ensuring Tehran does not acquire nuclear weapons.
“Looking ahead, upcoming RBI policy decisions and GDP data releases will be key domestic triggers to monitor for further direction,” a market expert said. (Source: IANS)
