Benchmark indices closed lower on Monday as selling in IT and FMCG stocks weighed on the market.
The Sensex dropped 281.09 points, or 0.36 per cent, to 77,728.16. The Nifty slipped 78.35 points, or 0.32 per cent, to 24,287.65.
Market experts retained a cautious view. They identified 24,400 as the Nifty’s resistance.
“A sustained breakout above 24,400 would be required to improve the near-term structure and support a recovery towards the 24,500-24,600 region,” an analyst said.
On the downside, experts placed support at 24,300–24,200.
“A decisive break below 24,250 could intensify selling pressure and drag the index towards the 24,000 psychological mark,” a market expert said.
Markets showed resilience. The Nifty MidCap index advanced 0.05 per cent, while the Nifty SmallCap index gained 0.36 per cent.
Among Nifty stocks, Infosys, Sun Pharmaceutical Industries and HCL Technologies ranked among the biggest decliners. Their weakness pulled the benchmarks lower.
Sectoral performance remained mixed. The Nifty IT index emerged as the weakest performer, falling nearly 2 per cent. Nifty Metal and Nifty Realty posted the strongest gains.
Experts said cautious sentiment kept markets subdued. Losses in IT counters outweighed gains in metal and realty shares.
“On the domestic front, bond yields moved higher following elevated crude prices and the RBI’s decision to advance the closure of the FCNR(B) deposit window,” a market expert stated.
“Globally, a weaker US dollar and softer consumer data have eased concerns over near-term monetary tightening, improving long-term risk appetite,” the analyst added.
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