MUMBAI — Indian stocks ended lower Monday as weakness in automobile, information technology and public-sector banking shares weighed on the market amid renewed tensions in West Asia.
The Sensex fell 372.10 points, or 0.48 percent, to close at 76,728.37. The Nifty declined 109.75 points, or 0.46 percent, to settle at 23,946.25.
Selling was broad-based as investors adopted a more cautious approach in response to geopolitical uncertainty. Auto, IT and public-sector banking stocks were among the biggest drags on the benchmark indices.
Mahindra & Mahindra and Tata Motors Passenger Vehicles were among the major Nifty laggards during the session.
The broader market also ended lower. The Nifty MidCap index declined 0.37 percent, while the Nifty SmallCap index fell 0.62 percent.
Pharmaceutical stocks outperformed the broader market, with the Nifty Pharma index recording the strongest gains. The Nifty Metal and Nifty Healthcare indices also advanced amid selective buying.
The Nifty Auto, Nifty Chemical and Nifty Oil and Gas indices were among the weakest sectoral performers.
“Profit booking persisted near key psychological levels as investors remained cautious about the sustainability of the interim US–Iran peace agreement,” market experts said.
Analysts said the Nifty’s 24,000 level is likely to act as immediate resistance, followed by a stronger resistance zone between 24,100 and 24,200.
“On the downside, the 23,900 level now acts as an immediate support, followed by the 23,800 zone. Holding above these levels will be crucial to prevent further weakness,” an analyst stated.
Investors are expected to closely follow developments in West Asia along with upcoming domestic and global economic cues for direction in the next several sessions. (Source: IANS)
