Mumbai — Indian benchmark indices ended lower Monday as losses in information technology, metal, real estate and media stocks offset gains in select sectors amid weak global cues.
The Sensex fell 307.24 points, or 0.40%, to close at 76,957.27, while the Nifty declined 95.25 points, or 0.39%, to settle at 24,080.40.
Market analysts said the Nifty could see a modest near-term recovery toward the 24,180 to 24,200 range, although those levels are expected to act as resistance.
“A sustained move above 24,200 could trigger a further rise of around 100 points. On the downside, support is placed at 23,990. A sustained break below this level could resume the correction in the market,” an analyst said.
ITC, Bharti Airtel and Eternal were among the biggest losers on the Nifty and contributed to the benchmark’s decline.
The broader market delivered a mixed performance. The Nifty MidCap index gained 0.24%, while the Nifty SmallCap index fell 0.74%.
Among sectors, the Nifty Media, Metal, Realty and IT indices underperformed. Auto and private banking stocks were among the stronger performers and helped limit the overall decline.
Market sentiment remained cautious as investors monitored weak global signals and selling pressure in several sectors.
“Escalating tensions between the US and Iran have kept investors on edge, as fading prospects of a diplomatic breakthrough pushed crude oil prices and global bond yields higher,” a market expert said.
Analysts said higher crude prices and bond yields have renewed concerns about energy-driven inflation and the possibility of interest rates remaining elevated, which could put pressure on corporate earnings.
Meanwhile, the Indian rupee extended its recovery for a second consecutive session and closed at its strongest level since Aug. 5.
The currency overcame early weakness after the dollar index strengthened Friday following hawkish comments from Federal Reserve Chairman Kevin Warsh at the Jackson Hole symposium.
“From a technical perspective, spot USDINR continues to navigate a defined range, encountering immediate resistance at 95.50 and firm support at 94.90,” a market expert said. (Source: IANS)
