Mumbai — Indian stocks closed lower on Tuesday, with the Nifty ending a four-session winning streak as losses in information technology and financial shares outweighed gains in metal, media and real estate stocks.
The Sensex fell 329.91 points, or 0.44%, to close at 74,529.08, while the Nifty declined 85.30 points, or 0.36%, to settle at 23,329.00.
The decline came as investors booked profits in some heavyweight sectors following the recent rally.
Market experts said the Nifty faces immediate resistance in the 23,400 to 23,500 range, while support remains near 23,300, followed by 23,200.
“On the downside, 23,300 remains the immediate support, followed by 23,200. A decisive break below 23,300 could intensify selling pressure and expose the index to the 23,200 zone,” market watchers said.
Selling pressure was concentrated in IT and financial stocks. Trent, Tata Consumer Products and Tata Consultancy Services were among the biggest losers on the Nifty.
Broader markets also ended slightly lower. The Nifty MidCap index slipped 0.08%, while the Nifty SmallCap index fell 0.23%.
Among sectors, the Nifty IT index was one of the biggest laggards, while the Nifty PSU Bank and Nifty Pharma indices also ended lower.
Media, real estate and metal stocks bucked the broader trend. The Nifty Media, Nifty Realty and Nifty Metal indices were among the strongest sectoral performers of the session, helping limit overall losses.
Market participants continued to look for sector-specific opportunities, with investors shifting money into select areas while reducing exposure to IT and financial stocks. (Source: IANS)
