Sensex, Nifty Close Lower as Financial Stocks Weigh
Mumbai–Indian benchmark equity indexes ended lower Monday as selling in banking and financial stocks offset gains in the broader market. Investors also remained cautious amid escalating tensions between the United States and Iran.
The Sensex fell 443 points, or 0.57 percent, to close at 77,708.52. The Nifty declined 96 points, or 0.39 percent, to settle at 24,238.50.
Market analysts said the 24,300 to 24,400 range remained the Nifty’s immediate resistance zone, with the upper end near its 200-day exponential moving average.
“A sustained breakout above this zone would strengthen bullish momentum and could pave the way for an advance towards the 24,500–24,600 region,” an analyst said.
On the downside, analysts identified 24,100 as the immediate support level. A decisive break below that point could trigger further profit-taking and push the index toward the psychological support level of 24,000.
Selling was concentrated in heavyweight financial stocks. Axis Bank, HDFC Bank and Maruti Suzuki India were among the biggest losers on the Nifty.
The broader market outperformed the benchmark indexes. The Nifty MidCap index rose 0.6 percent, while the Nifty SmallCap index gained 0.16 percent.
Among sectoral indexes, Nifty Private Bank and Nifty Financial Services posted the steepest declines. Nifty Pharma and Nifty PSU Bank recorded the strongest gains.
Analysts said investors remained cautious as they monitored the conflict between the United States and Iran, with growing concern about the Strait of Hormuz weighing on sentiment.
“On the global front, the conflict between the US and Iran deepened further, with strikes now extending into a ninth day and tensions increasingly centred on the Strait of Hormuz,” a market expert said. (Source: IANS)
