Sensex, Nifty Close Lower as IT, Metal and Realty Stocks Drag
Mumbai — Indian benchmark stock indexes ended lower Monday as weakness in information technology, metal, real estate and media shares weighed on the market amid soft global cues.
The Sensex fell 307.24 points, or 0.40%, to close at 76,957.27, while the Nifty declined 95.25 points, or 0.39%, to settle at 24,080.40.
ITC, Bharti Airtel and Eternal were among the biggest losers on the Nifty, contributing to the benchmark’s decline.
Broader markets were mixed. The Nifty MidCap index gained 0.24%, while the Nifty SmallCap index fell 0.74%.
Among sectors, the Nifty Media, Metal, Realty and IT indexes underperformed, while Auto and Private Bank shares provided some support.
Analysts said investor sentiment remained cautious as markets tracked weak global signals and sector-specific selling. Escalating tensions between the United States and Iran also weighed on sentiment, with concerns over the diplomatic outlook pushing crude oil prices and global bond yields higher.
Higher crude prices and bond yields have renewed concerns about inflation and the possibility of interest rates remaining elevated, which could put pressure on corporate earnings, analysts said.
From a technical perspective, analysts said the Nifty could see a modest rebound toward the 24,180-24,200 range, although those levels are expected to provide resistance. A sustained move above 24,200 could open the way for further gains, while support is seen near 23,990.
Meanwhile, the Indian rupee extended a two-day recovery and closed at its strongest level since Aug. 5 after overcoming early weakness caused by a rise in the dollar index.
Analysts said the USD/INR pair remains within a defined range, with immediate resistance near 95.50 and support around 94.90. (Source: IANS)
