Mumbai: Indian equity benchmarks ended lower on Tuesday, with the Nifty breaking its four-session gaining streak as selling pressure in information technology and financial stocks outweighed gains in select metal, media and realty shares.
The Sensex declined 329.91 points, or 0.44 per cent, to settle at 74,529.08, while the Nifty fell 85.30 points, or 0.36 per cent, to close at 23,329.00. The decline marked the end of the Nifty’s four-day winning streak as investors booked profits in some of the market’s heavyweight sectors.
Commenting on Nifty technical outlook, experts said that immediate resistance remains at 23,400–23,500. “On the downside, 23,300 remains the immediate support, followed by 23,200. A decisive break below 23,300 could intensify selling pressure and expose the index to the 23,200 zone,” market watchers stated.
Selling pressure was most visible in the IT and financial space, which weighed on the broader market sentiment. Among the top losers on the Nifty index were Trent, Tata Consumer Products and Tata Consultancy Services (TCS), all of which ended the session in negative territory.
The weakness was also reflected across the broader market, although losses remained relatively contained. The Nifty MidCap index closed 0.08 per cent lower, while the Nifty SmallCap index slipped 0.23 per cent.
On the sectoral front, the Nifty IT index emerged as one of the biggest laggards of the day, accompanied by declines in the Nifty PSU Bank and Nifty Pharma indices. The losses in these segments offset gains seen elsewhere in the market.
Meanwhile, buying interest was visible in media, real estate and metal stocks. The Nifty Media, Nifty Realty and Nifty Metal indices ended as the top-performing sectoral gauges, helping limit the extent of the market’s decline.
Experts said that despite the day’s weakness, market participants continued to track sector-specific opportunities, with investors rotating funds into select pockets of the market while trimming exposure to IT and financial stocks.
(IANS)
