Mumbai–Indian stocks ended marginally lower Tuesday as losses in state-owned banks, consumer goods and chemical companies offset strong gains in information technology shares.
The Sensex fell 69.86 points, or 0.09%, to close at 76,765.92. The Nifty declined 10.60 points, or 0.04%, to settle at 23,985.35 after trading in a narrow range for most of the session.
Hindustan Unilever, Bharat Electronics and Coal India were among the biggest decliners on the Nifty and weighed on the benchmark indices.
The broader market was mixed. The Nifty MidCap index gained 0.08%, while the Nifty SmallCap index fell 0.22%.
Consumer goods, state-owned bank and chemical shares remained under pressure. The Nifty FMCG index ended a two-session winning streak, while the Nifty PSU Bank and Nifty Chemical indices also closed lower.
Information technology stocks outperformed the broader market. The Nifty IT index jumped more than 3%, extending its rally to a third consecutive session and limiting losses in the benchmarks.
A market analyst said easing geopolitical tensions in the Middle East provided some relief, but weakness in global technology stocks kept investors cautious. Concerns over China’s progress in semiconductor manufacturing and its potential effect on artificial intelligence valuations also weighed on sentiment.
Technical analysts identified resistance for the Nifty near 24,050 and support around 23,920. A decisive move above 24,050 could open the way for the index to rise toward 24,500, while stronger support was seen near 23,800.
The Indian rupee strengthened for a third consecutive session, supported by lower imported commodity prices and a steady supply of dollars from banks.
Analysts said the spot U.S. dollar-rupee pair had immediate support between 95.40 and 95.60, while 96.15 remained a key resistance level. (Source: IANS)
