Sensex, Nifty Slip As IT And Auto Stocks Weigh On Markets

Indian equity markets closed lower on Thursday as investors refrained from taking fresh positions during the holiday-shortened trading week. Limited global and domestic cues, combined with derivative expiry, kept sentiment subdued throughout the session.

The benchmark Sensex declined 367.25 points, or 0.43 per cent, to close at 85,041.45. Meanwhile, the Nifty slipped 99.80 points, or 0.38 per cent, to settle at 26,042.30.

Market analysts highlighted the importance of the 26,000 level on the Nifty, describing it as a key technical support zone. This level coincides with the 20-day exponential moving average, heavy put open interest accumulation, and the Pivot S1 mark near 26,009.

Experts observed that this technical confluence has so far helped prevent sharper declines. However, analysts cautioned that a sustained breach below 26,000 could open the door for further downside towards the 25,900–25,800 range.

On the upside, resistance remains strong between 26,200 and 26,330, indicating persistent selling pressure at higher levels.

Despite the overall weakness, several stocks managed to post gains. On the BSE, Titan, NTPC and Hindustan Unilever emerged as the top gainers, providing some support to the indices.

However, losses in heavyweight stocks such as Bajaj Finance, Asian Paints and HCL Technologies weighed heavily on market performance, pulling the benchmarks lower.

On the NSE, Titan led the gainers, followed by Hindalco and Nestle India. In contrast, Asian Paints, Shriram Finance and Bajaj Finance featured among the major losers by the end of the session.

The broader market also reflected cautious sentiment, with both midcap and smallcap indices closing marginally lower. The Nifty Midcap 100 index ended down 0.23 per cent, while the Nifty SmallCap 100 index slipped 0.08 per cent.

Sectorally, information technology stocks witnessed the sharpest selling pressure, as the Nifty IT index fell 1.03 per cent. Auto stocks also remained under pressure, with the sector declining 0.52 per cent.

In contrast, metal stocks outperformed the broader market. The Nifty Metal index gained 0.59 per cent, emerging as the top-performing sector of the day.

Looking ahead, market participants are likely to remain cautious in the near term, with attention shifting to global cues, upcoming economic data, and corporate earnings for clearer direction.

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