Sensex, Nifty End Lower, Global Uncertainty Weighs On Indian Markets

Mumbai: Indian equity benchmarks ended lower on Wednesday as weakness in IT, FMCG and automobile stocks weighed on sentiment, while investors remained cautious ahead of key global developments.

The Sensex fell 183.15 points, or 0.24%, to close at 77,472.94. The Nifty 50 declined 126.80 points, or 0.52%, to settle at 24,207.75.

IT Stocks Lead Decline

Among Nifty constituents, Bharti Airtel, Power Grid Corporation of India and Infosys were among the major losers, adding pressure on the benchmark.

IT stocks recorded the sharpest decline among sectoral indices, while FMCG, automobile and realty shares also ended weaker.

However, select pockets of the market showed resilience. Nifty Metal, Nifty Private Bank and Nifty Cement indices outperformed the broader market, helping limit some of the losses.

The broader market remained mixed. The Nifty MidCap index slipped 0.1%, while the Nifty SmallCap index gained 0.81%.

Nifty Faces Resistance at 24,400

From a technical perspective, the 24,400 level remains an important immediate resistance for the Nifty. A sustained move above this level could strengthen momentum and open the way towards 24,500-24,600.

On the downside, 24,200 remains the immediate support, followed by the stronger 24,100-24,000 zone. A decisive fall below 24,150 could intensify selling pressure and drag the index towards the psychological 24,000 mark.

Global Cues in Focus

Investors will closely watch Nvidia’s earnings and upcoming US inflation data for signals on technology stocks, interest rates and global risk appetite.

Developments in West Asia will also remain in focus because of their potential impact on crude oil prices, inflation and overall market sentiment.