MUMBAI — Indian equity benchmarks closed sharply lower Monday, dragged down by losses in FMCG, public-sector banking, auto and real estate stocks, while investors tracked developments around a possible diplomatic breakthrough between the United States and Iran.
The Nifty ended at 23,382.60, down 165.15 points, or 0.7%. The Sensex fell 508.40 points, or 0.68%, to close at 74,267.34.
Analysts said the Nifty’s breakdown below 23,500 weakened the near-term market structure. The 23,500 level is now expected to act as immediate resistance, followed by a stronger resistance zone near 23,600 to 23,750.
“On the downside, the breakdown below 23,500 has weakened the near-term structure and opened the possibility of further downside toward the 23,300–23,250 support zone, which now becomes the next important area to watch,” an analyst said.
Selling pressure was also seen in the broader market. The Nifty Midcap 100 fell 1.45%, while the Nifty Smallcap index ended 0.88% lower.
Among Nifty stocks, Hindustan Unilever, Shriram Finance and Tata Consumer Products were the biggest losers. ITC and NTPC were also among the major laggards, contributing to weakness in the frontline indices.
On the Sensex, Tech Mahindra, Infosys, TCS and HCL Tech were among the top gainers. Hindustan Unilever, ITC, NTPC, Mahindra & Mahindra, Kotak Mahindra Bank and Bajaj Finance fell as much as 2.83%.
Sectorally, the Nifty FMCG index was the worst performer, followed by PSU Bank, Auto and Realty. The Nifty IT, Metal and Media indices outperformed the broader market, helping limit overall losses.
Investors also monitored global developments after U.S. President Donald Trump said Washington was pursuing a deal with Iran aimed at ensuring Tehran does not acquire nuclear weapons.
“Looking ahead, upcoming RBI policy decisions and GDP data releases will be key domestic triggers to monitor for further direction,” a market expert said. (Source: IANS)
