Indian benchmark indices ended lower on Monday as investors reacted to subdued global cues and heavy selling across key sectors.
The Sensex slipped 307.24 points, or 0.40 per cent, to settle at 76,957.27. The Nifty declined 95.25 points, or 0.39 per cent, to close at 24,080.40.
Market experts expect the Nifty to see a modest pullback towards 24,180–24,200 in the near term.
The higher levels are likely to act as resistance.
“A sustained move above 24,200 could trigger a further rise of around 100 points. On the downside, support is placed at 23,990. A sustained break below this level could resume the correction in the market,” an analyst stated.
ITC, Bharti Airtel and Eternal recorded the steepest losses on the Nifty, weighing on the benchmark. The broader market delivered a mixed performance.
The Nifty MidCap index advanced 0.24 per cent, whereas the Nifty SmallCap index declined 0.74 per cent.
Nifty Media, Nifty Metal, Nifty Realty and Nifty IT underperformed.
Nifty Auto and Nifty Private Bank, however, emerged as the leading gainers.
Experts said investors maintained a cautious stance amid weak overseas signals and sector-specific selling.
“Escalating tensions between the US and Iran have kept investors on edge, as fading prospects of a diplomatic breakthrough pushed crude oil prices and global bond yields higher,” a market expert stated.
“Rising crude oil prices and bond yields have renewed concerns over energy-led inflation and a higher interest rate environment, which could weigh on the earnings cycle,” an analyst added.
The Indian rupee posted a strong two-day recovery and closed at its highest level since August 5. It overcame an early decline triggered by Friday’s dollar-index surge after hawkish remarks from Fed Chair Warsh at the Jackson Hole symposium.
“From a technical perspective, spot USDINR continues to navigate a defined range, encountering immediate resistance at 95.50 and firm support at 94.90,” a market expert further stated.
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