Indian equity benchmarks closed in negative territory on Monday as renewed geopolitical tensions in West Asia and weakness in auto, information technology and public sector banking stocks weighed on investor sentiment.
The Sensex fell 372.10 points, or 0.48 per cent, to settle at 76,728.37, while the Nifty declined 109.75 points, or 0.46 per cent, to close at 23,946.25.
Analysts said the Nifty’s immediate resistance now stands at the psychological 24,000 mark, followed by the stronger 24,100-24,200 zone.
On the downside, 23,900 remains the first key support, with 23,800 serving as the next crucial level.
Holding above these levels will be important to prevent further weakness.
Renewed concerns over developments in West Asia prompted investors to adopt a cautious approach, resulting in broad-based selling.
Automobile, IT and PSU banking stocks were among the biggest drags, with Mahindra & Mahindra and Tata Motors Passenger Vehicles emerging as major losers within the Nifty pack.
Broader markets also ended lower, reflecting subdued sentiment.
The Nifty MidCap index slipped 0.37 per cent, while the Nifty SmallCap index lost 0.62 per cent.
Among sectoral indices, pharmaceuticals outperformed the market, with the Nifty Pharma index leading the gains.
Metal and healthcare stocks also attracted selective buying interest.
In contrast, auto, chemical and oil and gas stocks remained under pressure and finished among the session’s weakest performers.
Market experts said investors will continue to monitor geopolitical developments in West Asia alongside domestic and global economic cues. They added that profit booking persisted near key psychological levels as traders remained cautious about the durability of the interim US-Iran peace agreement, keeping overall market sentiment restrained.
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