MUMBAI– Indian equity markets closed lower on Monday after a volatile session, as selling pressure in information technology and oil and gas stocks offset early gains and weighed on overall sentiment.
Investors also remained cautious amid mixed global cues following reports of a U.S. military operation in Venezuela that led to the capture of President Nicolas Maduro.
At the close of trade, the Nifty slipped 78.25 points, or 0.3 percent, to end at 26,250.30. Analysts said the 26,300–26,350 zone now represents a key resistance level, with a sustained breakout potentially reviving bullish momentum and opening the way toward 26,500 in the near term. On the downside, a decisive break below 26,200 could trigger a corrective move toward the 26,050–26,000 range.
The Sensex also finished in negative territory, settling at 85,439.62, down 322.39 points, or 0.38 percent.
Markets had opened on a positive note, with the Nifty touching a fresh record high of 26,373.20 during early trade. However, the rally proved short-lived as profit booking at higher levels led to a pullback in the second half of the session.
Heavyweight stocks including HDFC Bank, Infosys, HCLTech, Bajaj Finance and TCS were among the top drags on the Sensex, pulling the benchmark indices lower.
Gains in shares of Bharat Electronics, Hindustan Unilever, Tata Steel, UltraTech Cement and Axis Bank provided some support to the market.
The broader market showed a mixed trend. The Nifty Midcap index ended marginally lower by 0.16 percent, while the Nifty Smallcap index declined 0.53 percent.
On the sectoral front, technology and oil and gas stocks faced the sharpest selling pressure, with both the Nifty IT and Nifty Oil and Gas indices falling about 1 percent each. In contrast, real estate stocks outperformed, with the Nifty Realty index rising more than 2 percent.
FMCG and consumer durable stocks also ended higher, reflecting continued investor interest in defensive and consumption-driven sectors.
Looking ahead, market participants said the upcoming third-quarter earnings season is likely to remain the key driver of near-term trends, with overall sentiment staying moderately positive. (Source: IANS)
