MUMBAI, India — Indian equity markets ended lower on Thursday as heavy selling in information technology stocks dragged benchmark indices into negative territory, offsetting gains in select banking and financial shares.
The Sensex closed at 83,674.92, down 558.72 points, or 0.66 percent, while the Nifty settled at 25,807.20, declining 146.65 points, or 0.57 percent, from the previous session.
Market participants cited persistent weakness in technology stocks as the primary reason for the downturn. Analysts said the near-term outlook for the Nifty remains cautious unless it breaks above key resistance levels.
“As long as the Nifty trades below the 25,840–25,900 resistance band and stays within the downward-sloping channel, the short-term bias remains negative, with immediate downside risk toward 25,750 and a possible extension to 25,700,” an analyst said. “Only a decisive move above 25,950 would neutralize the prevailing bearish structure.”
IT shares were the biggest drag on the market, with Tech Mahindra, Infosys, TCS, and HCL Technologies among the top losers on the Sensex. Auto major Mahindra & Mahindra also ended the session in the red.
Gains in a handful of stocks helped limit the downside. Bajaj Finance, ICICI Bank, Bharat Electronics, and Trent finished as the top gainers, providing some support to the benchmarks.
Sectorally, the Nifty IT index was the worst performer, plunging 5.51 percent amid aggressive selling in technology stocks. Realty shares also came under pressure, with the Nifty Realty index falling 1.45 percent, while the Nifty Oil & Gas index declined 1.19 percent.
In contrast, financial stocks showed relative resilience, with the Nifty Financial Services index ending the day up 0.38 percent.
Broader markets tracked the weak trend, with the Nifty Midcap index closing 0.47 percent lower and the Nifty Smallcap index slipping 0.64 percent.
Analysts said sharp losses in IT heavyweights, coupled with weakness across broader market segments, kept investors cautious and led to a subdued close for Indian equities. (Source: IANS)
