Mumbai — Indian stock markets ended lower Wednesday, with weakness in information technology, FMCG and auto shares weighing on the benchmark indices as investors remained cautious ahead of key global economic developments.
The Sensex fell 183.15 points, or 0.24 percent, to close at 77,472.94, while the Nifty 50 declined 126.80 points, or 0.52 percent, to settle at 24,207.75.
Market analysts said the 24,400 level remains an important resistance zone for the Nifty. A sustained move above that level could strengthen the index and open the way toward 24,500 to 24,600.
“Until then, selling pressure at higher levels is likely to keep the index capped,” an analyst said.
On the downside, analysts identified 24,200 as immediate support, followed by the stronger 24,100 to 24,000 range. A decisive break below 24,150 could increase selling pressure and push the index toward the psychologically important 24,000 level.
Among Nifty stocks, Bharti Airtel, Power Grid Corporation of India and Infosys were among the biggest losers.
IT stocks recorded the steepest decline among sectoral indices, while FMCG, auto and real estate shares also underperformed. Metals, private banks and cement stocks, however, outperformed the broader market and provided some support.
The broader market was mixed, with the Nifty MidCap index slipping 0.1 percent while the Nifty SmallCap index gained 0.81 percent.
Investors are expected to closely monitor upcoming global developments, including Nvidia’s earnings and U.S. inflation data, for signals on technology stocks, interest rates and global risk appetite.
Developments in West Asia are also likely to remain in focus because of their potential impact on crude oil prices and inflation. (Source: IANS)
