Indian equity benchmarks concluded Thursday’s session in negative territory as pronounced selling in information technology counters dragged indices lower.
Weakness in frontline IT names overshadowed selective buying in banking and financial stocks.
The BSE Sensex settled at 83,674.92, declining 558.72 points, or 0.66 per cent. The NSE Nifty finished at 25,807.2, down 146.65 points, or 0.57 per cent, from its previous close.
Persistent pressure in technology shares dictated overall market direction.
Market analysts indicated that the Nifty remains vulnerable in the short term. They stated that as long as the index trades below the 25,840-25,900 resistance zone and remains confined within a downward-sloping channel, the near-term bias remains negative.
Immediate support lies around 25,750, with potential extension towards 25,700. A decisive move above 25,950 would invalidate the prevailing bearish formation and restore upward momentum.
Technology stocks emerged as the principal drag. Investors offloaded shares of Tech Mahindra, Infosys, Tata Consultancy Services and HCL Technologies. These counters ranked among the top losers on the BSE.
The sustained sell-off in heavyweights exerted significant pressure on the broader indices.
Automobile major Mahindra & Mahindra also ended the session in the red. However, certain stocks displayed resilience despite subdued sentiment.
Bajaj Finance, ICICI Bank, Bharat Electronics Limited (BEL) and Trent registered gains and featured among the leading advancers. Their performance offered limited support to the benchmarks.
On the sectoral front, the Nifty IT index recorded the steepest decline, plunging 5.51 per cent amid aggressive liquidation.
Realty counters also faced selling pressure, with the Nifty Realty index dropping 1.45 per cent. The Nifty Oil & Gas index fell 1.19 per cent.
In contrast, financial counters demonstrated relative strength. The Nifty Financial Services index advanced 0.38 per cent, partially cushioning losses.
Broader market indices mirrored the negative undertone. The Nifty MidCap index slipped 0.47 per cent, while the Nifty SmallCap index declined 0.64 per cent.
Analysts observed that substantial weakness in IT heavyweights, combined with softness across mid and small-cap segments, restrained investor confidence and resulted in a lower close for domestic equities.
Also Read: Markets Open Lower As IT Stocks Drag Sensex, Nifty In Early Trade
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