Sensex, Nifty Shed Over 1 pc Each Over Weak Global Cues, IT Stocks Suffer The Most

Mumbai, Feb 24 (IANS) Domestic benchmark equity indices on Monday ended the trading session on a weak note, closing over 1 per cent lower as the market saw broad-based selling pressure amid weak global cues.

At the closing bell, the 30-share Sensex tumbled 856.65 points, or 1.14 per cent, to close at 74,454.41.

The index fluctuated between 74,907.04 and 74,387.44 during the intra-day trading session. Similarly, the Nifty also ended lower by 242.55 points, or 1.06 per cent, at 22,553.35 on the first trading day of the week. The index hit a high of 22,668.05 and a low of 22,518.80 during the intra-day session.

The decline was led by IT stocks, with Wipro, HCL Tech, TCS, Infosys, and Bharti Airtel among the worst performers.

Their losses extended up to 3.7 per cent. According to market experts, global headwinds continue to weigh on the domestic market, with persistent volatility causing uncertainty among retail investors, who generally have a lower risk appetite.

Weak US consumer sentiment and tariff concerns may further pressure export-oriented sectors such as IT.

On the other hand, a few stocks managed to resist the downturn. Mahindra & Mahindra, Dr Reddy’s Labs, Eicher Motors, Hero MotoCorp, and Nestle India were among the 12 Nifty stocks that ended in the green with a gain of up to 1.54 per cent.

Happiest Minds Technologies, Data Patterns, JSW Holdings Limited, Orchid Pharma and Vesuvius India are among top gainers on BSE index.

Broader markets also followed the negative trend, with the Nifty Smallcap100 and Nifty Midcap100 closing lower by 1.02 per cent and 0.94 per cent, respectively. Sector-wise, all indices ended lower except for Auto and FMCG, which managed to hold on to slight gains.

The overall sentiment remained bearish, as investors booked profits after recent gains, according to reports.

Technically, on the daily chart, Nifty has formed a red candle, indicating weakness, said experts.

Furthermore, the index breached the 22,700 support level and closed below it. Thus, on the upside, 22,700-22,800 will serve as a solid resistance zone, they added.

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