Mumbai: Indian benchmark indices ended Monday's session in the red as selling in IT, metal, realty and media stocks, along with weak global cues, kept investors cautious.
The Sensex dropped 307.24 points, or 0.40%, to close at 76,957.27. The Nifty declined 95.25 points, or 0.39%, to settle at 24,080.40.
IT, Metal Stocks Weigh on Market
ITC, Bharti Airtel and Eternal were among the biggest losers on the Nifty and added pressure on the benchmark.
Sector-wise, Nifty Media, Metal, Realty and IT underperformed. However, buying in Auto and Private Bank stocks offered some support.
The broader market showed a mixed trend. The Nifty MidCap index gained 0.24%, while the Nifty SmallCap index fell 0.74%.
Nifty Faces Resistance at 24,200
On the technical front, the Nifty could see a minor recovery towards the 24,180–24,200 zone in the near term. However, this area is expected to act as resistance.
A sustained move above 24,200 could open the door for another 100-point rise. On the downside, immediate support is placed at 23,990. A decisive break below this level could extend the correction.
US-Iran Tensions Keep Investors Cautious
Global developments also weighed on sentiment as escalating tensions between the US and Iran pushed crude oil prices and bond yields higher.
Higher crude prices have revived concerns about energy-driven inflation and the possibility of interest rates remaining elevated, which could put pressure on corporate earnings.
Meanwhile, the rupee continued its two-day recovery and closed at its strongest level since August 5. For USDINR, immediate resistance is seen at 95.50, while support is placed around 94.90.
