Sensex Falls 70 Points, Nifty Ends Below 24,000 Amid Weak Asian Markets
Sensex fell 70 points and Nifty closed below 24,000 as weak Asian markets and losses in PSU banks, FMCG and chemical shares offset a strong rally in IT stocks.
Sensex fell 238 points to 77,470 and Nifty closed at 24,188. | Sensex fell 70 points and Nifty closed below 24,000.
Mumbai: Indian benchmark indices ended slightly lower on Tuesday as weak Asian markets and selling in PSU bank, FMCG and chemical shares weighed on investor sentiment.
The Sensex fell 69.86 points, or 0.09 percent, to close at 76,765.92. The Nifty declined 10.60 points, or 0.04 percent, to settle at 23,985.35 after trading within a narrow range.
Market Movers
Hindustan Unilever, Bharat Electronics and Coal India were among the biggest Nifty losers, putting pressure on the benchmark indices.
The broader market showed a mixed trend. The Nifty MidCap index gained 0.08 percent, while the Nifty SmallCap index declined 0.22 percent.
FMCG, PSU bank and chemical shares remained under selling pressure. The Nifty FMCG index ended its two-session winning streak, while the PSU Bank and Chemical indices also closed lower.
Information technology stocks, however, offered strong support to the market. The Nifty IT index jumped more than 3 percent, extending gains for a third straight session.
Global Pressure
Easing geopolitical tensions in the Middle East provided some relief to investors. However, weakness across global technology stocks kept overall sentiment cautious.
Market experts said concerns over China’s progress in semiconductor manufacturing and its possible impact on artificial intelligence-related valuations led investors to avoid aggressive buying.
Asian markets also witnessed a broad sell-off, adding pressure on domestic equities throughout the session.
Technical Levels
Analysts said 24,050 remains an important resistance level for the Nifty, while immediate support is placed near 23,920.
A decisive move above 24,050 could strengthen the index and open the way towards 24,500 in the short term. On the downside, stronger support is seen around 23,800.
Meanwhile, the Indian rupee gained for the third consecutive session, helped by lower imported commodity prices and steady dollar supply from banks.
For the spot USD-INR pair, immediate support is seen between 95.60 and 95.40, while 96.15 remains an important resistance level.
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