Sensex, Nifty Fall for Second Session as IT and PSU Bank Stocks Weigh
Mumbai–Indian stocks closed lower for a second consecutive session Tuesday as declines in information technology and public-sector banking shares outweighed gains in the broader market.
The Sensex fell 238.41 points, or 0.31%, to close at 77,470.11. The Nifty declined 51 points, or 0.21%, to settle at 24,187.70.
HDFC Bank, Infosys and State Bank of India were among the biggest laggards on the Nifty, adding pressure to the benchmark indices.
The broader market performed better, with the Nifty MidCap index rising 0.3% and the Nifty SmallCap index gaining 0.53%.
Among sectors, the Nifty PSU Bank and Nifty IT indices recorded the sharpest declines. Chemical and cement stocks were among the strongest performers as investors pursued selective buying opportunities despite weakness in the overall market.
Analysts said investors remained cautious as continuing geopolitical tensions in West Asia weighed on global risk appetite and contributed to higher crude oil prices.
“Despite geopolitical challenges, midcaps are performing well in anticipation of strong corporate earnings, supported by demand-led business updates,” an analyst said.
A market expert said large-cap stocks were underperforming as investment inflows moderated amid rising geopolitical risks.
Technical analysts identified immediate support for the Nifty between 24,150 and 24,100, followed by the 24,000 level. Resistance was seen between 24,300 and 24,400.
“A sustained move above this range could trigger renewed buying momentum,” an analyst said. (Source: IANS)
