Business

Indian Markets End Lower Amid Global Concerns; Banking & IT Stocks Take A Hit

Indian stock markets ended the day on a negative note, with the benchmark indices closing lower due to declines in the banking and IT sectors amid weak global cues.

The Sensex slipped by 202 points, or 0.25%, to settle at 82,352, while the Nifty dropped by 81 points, or 0.32%, to finish at 25,198.

The Nifty Bank index shed 288 points, or 0.56%, to close at 51,400, and the Nifty IT index fell by 400 points, or 0.94%, ending at 42,450.

Other sectors also faced pressure, with auto, PSU banks, financial services, metals, and energy indices among the significant losers.

However, the market wasn’t entirely bearish pharma, FMCG, realty, and media indices managed to close in the green.

Among the Sensex constituents, stocks like Asian Paints, HUL, UltraTech Cement, Sun Pharma, Bajaj Finserv, Reliance, HDFC Bank, and Bharti Airtel emerged as top performers. Conversely, Wipro, M&M, Axis Bank, ICICI Bank, SBI, Infosys, L&T, and TCS were among the biggest decliners.

Market experts attributed the sell-off to concerns stemming from weak US manufacturing data, which fueled fears of a potential slowdown in the US economy.

Additionally, a sluggish outlook from China further compounded the situation, leading to a drop in oil prices to a nine-month low.

With no significant domestic triggers, market sentiment largely followed global cues, resulting in a broadly negative trend.

On the Bombay Stock Exchange (BSE), the market breadth was mixed, with 1,916 shares advancing, 2,035 shares declining, and 96 shares remaining unchanged at the close.

Mid and small-cap stocks also faced mild losses.

The Nifty Midcap 100 index dipped by 74 points, or 0.13%, to close at 59,223, while the Nifty Smallcap 100 index ended just 4 points lower at 19,322.

Nifty Breaks Upward Momentum; Rupak De Predicts Range-Bound Consolidation With Key Support & Resistance Levels

Rupak De, Senior Technical Analyst at LKP Securities, noted that the Nifty had broken its upward momentum by slipping below the trend line on the hourly chart.

Despite this, the index found some support at a historical swing high.

He further commented, “The index might consolidate in the range of 25,080 to 25,250. A fall below 25,080 could lead to further declines toward the 24,800-24,750/24,500 levels, while a rise above 25,236 could spark a rally to higher levels.”

Also Read: CapitaLand Investment To Raise India Funds To SGD 14.8 Billion By 2028

Mankrit Kaur

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