Sensex, Nifty Close Lower as Banking, Financial Stocks Drag Market
MUMBAI — Indian benchmark equity indices gave up intraday gains and ended lower Tuesday as weakness in banking, financial and metal stocks weighed on investor sentiment.
The Sensex fell 114.19 points, or 0.15%, to close at 75,200.85. The Nifty slipped 31.95 points, or 0.14%, to settle at 23,618.
Market experts said the Nifty will need to sustain a move above the 23,700 to 23,800 range to strengthen recovery momentum toward the 24,000 mark, where heavier selling pressure could emerge.
“On the downside, the 23,600–23,500 zone continues to remain a crucial immediate support area, and a decisive breakdown below this region could extend weakness toward the broader 23,300 zone,” a market expert said.
Titan Company, UltraTech Cement and Tata Consumer Products were among the major laggards on the Nifty.
Kotak Mahindra Bank was the top loser on the Sensex. Other major decliners included Titan, Bharti Airtel, Sun Pharma and IndiGo.
Infosys led the gainers, while HCL Tech, Tech Mahindra, Eternal and TCS also ended higher.
The Indian rupee weakened during the session, falling 25 paise to touch a low of 96.61 against the U.S. dollar. It later settled at 96.53 per dollar, compared with its previous close of 96.36.
Banking and financial shares remained under pressure throughout the session. The Nifty Private Bank index was the worst-performing sectoral index, while Nifty Bank and Nifty Financial Services also lagged the broader market.
Some sectors managed to buck the weak trend. Nifty IT, Nifty Realty and Nifty Chemical ended higher and outperformed the benchmarks.
Broader markets were more resilient despite weakness in the frontline indices. The Nifty MidCap index rose 0.91%, while the Nifty SmallCap index gained 1.17%.
Analysts said the rupee remained under pressure because of elevated crude oil prices and continued stress on capital flows.
“The broader trend remains weak, with rupee expected to trade in a range of 96.25–97.00 in the near term,” an analyst said. (Source: IANS)
