Sensex, Nifty Close Lower as IT, FMCG and Auto Stocks Weigh
Mumbai — Indian benchmark indices ended lower Wednesday as weakness in information technology, FMCG and automobile stocks weighed on the market amid caution ahead of key global developments.
The Sensex fell 183.15 points, or 0.24%, to close at 77,472.94, while the Nifty 50 declined 126.80 points, or 0.52%, to settle at 24,207.75.
Market analysts said the 24,400 level remains an important resistance zone for the Nifty.
“A sustained breakout above 24,400 would strengthen the technical structure and could pave the way towards 24,500–24,600. Until then, selling pressure at higher levels is likely to keep the index capped,” an analyst said.
On the downside, analysts identified 24,200 as immediate support, followed by the 24,100 to 24,000 range. A decisive break below 24,150 could increase selling pressure and push the index toward the 24,000 level.
Bharti Airtel, Power Grid Corporation of India and Infosys were among the biggest losers on the Nifty.
The IT sector recorded the steepest decline among sectoral indices, while FMCG, auto and real estate stocks also underperformed.
Metal, private bank and cement stocks bucked the broader weakness and provided some support to the market.
The broader market was mixed. The Nifty MidCap index slipped 0.1%, while the Nifty SmallCap index gained 0.81%.
Investors are expected to closely watch Nvidia’s earnings and upcoming U.S. inflation data for signals about the outlook for technology stocks, interest rates and global risk sentiment.
Developments in West Asia are also expected to remain in focus because of their potential impact on crude oil prices and inflation. (Source: IANS)
