Mumbai: Indian equity benchmarks closed lower as weakness in information technology and financial stocks ended the Nifty 50’s four-session winning streak. Gains in metal, media and realty shares limited the decline.
The Sensex dropped 329.91 points, or 0.44 per cent, to settle at 74,529.08. The NSE Nifty 50 declined 85.30 points, or 0.36 per cent, to finish at 23,329.
Profit-booking in heavyweight stocks dragged the benchmarks lower after four consecutive sessions of gains. Investors reduced exposure to technology and financial counters while rotating capital towards stronger sectors.
Market analysts placed immediate Nifty resistance between 23,400 and 23,500. A sustained move above this range could improve near-term momentum.
On the downside, 23,300 remains the key support level, followed by 23,200. A decisive break below 23,300 could accelerate selling pressure and pull the index towards the 23,200 zone.
IT And Financial Stocks Weigh
Selling was concentrated in information technology and financial shares, which exerted pressure on market sentiment. Trent, and were among the leading Nifty losers.
The Nifty IT index ranked among the weakest sectoral gauges. Nifty PSU Bank and Nifty Pharma ended lower, offsetting gains elsewhere.
Broader Markets Slip Marginally
Losses in the broader market remained contained. The Nifty MidCap index declined 0.08 per cent, while the Nifty SmallCap index slipped 0.23 per cent.
Media, realty and metal stocks attracted buying interest and provided support to the benchmarks. The Nifty Media, Nifty Realty and Nifty Metal indices emerged as the session’s strongest sectoral performers.
Analysts said the market action reflected sectoral rotation rather than risk aversion. Investors explored opportunities in pockets while booking profits in IT and financial heavyweights. Traders will now watch the 23,300 support very closely for the Nifty’s next directional move.