Mumbai–Indian benchmark stock indexes closed lower for a second consecutive session as declines in information technology and public-sector banking shares offset gains in the broader market.
The Sensex fell 238.41 points, or 0.31%, to close at 77,470.11, while the Nifty declined 51 points, or 0.21%, to 24,187.70.
HDFC Bank, Infosys and State Bank of India were among the biggest laggards on the Nifty and placed pressure on the benchmark indexes.
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 indexes recorded the steepest losses. Chemical and cement stocks were among the strongest performers as investors continued to pursue sector-specific opportunities despite the overall market weakness.
Analysts said the Nifty has immediate support near the 24,150-to-24,100 range, followed by the 24,000 level. Resistance is expected near 24,300 to 24,400.
“On the upside, resistance is seen near 24,300–24,400. A sustained move above this range could trigger renewed buying momentum,” an analyst said.
Investor sentiment remained cautious as geopolitical tensions in West Asia and higher crude oil prices continued to weigh on global risk appetite.
“Despite geopolitical challenges, midcaps are performing well in anticipation of strong corporate earnings, supported by demand-led business updates,” an analyst said.
“At present, the broader market is trading in a mixed range, reflecting large caps’ underperformance driven by moderating inflows amid rising geopolitical risks and higher crude oil prices,” a market expert said. (Source: IANS)
