Sensex, Nifty End Lower by Over 1% Amid Weak Global Cues; IT Stocks Hit Hard
The Indian stock market faced significant losses on Monday, as both the Sensex and Nifty ended the trading session over 1% lower, driven by broad-based selling pressure and weak global cues.
Mumbai: The Indian stock market faced significant losses on Monday, as both the Sensex and Nifty ended the trading session over 1% lower, driven by broad-based selling pressure and weak global cues.
Sensex Falls 1.14%, Nifty Declines 1.06%
At the close of the trading day, the 30-share Sensex dropped 856.65 points, or 1.14%, settling at 74,454.41. Throughout the session, the index fluctuated between 74,907.04 and 74,387.44, reflecting the volatility in the market.
Similarly, the Nifty also ended lower, down by 242.55 points, or 1.06%, closing at 22,553.35. The index moved between 22,668.05 and 22,518.80 during the intra-day session.
IT Stocks Lead the Decline
The primary sector hit by the sell-off was the IT sector, with major players like Wipro, HCL Tech, TCS, Infosys, and Bharti Airtel among the worst performers, with losses extending up to 3.7%. Experts attribute the downfall to global economic uncertainties, including weak consumer sentiment in the US and concerns over tariffs, which are expected to affect export-driven sectors like IT.
Resilient Stocks Amid Market Downturns
Despite the broad market decline, a few stocks managed to post gains. Mahindra & Mahindra, Dr Reddy’s Labs, Eicher Motors, Hero MotoCorp, and Nestle India were among the 12 Nifty stocks that ended in the green, with gains of up to 1.54%.
Other notable gainers on the BSE index included Happiest Minds Technologies, Data Patterns, JSW Holdings, Orchid Pharma, and Vesuvius India.
Broader Markets and Sector-wise Performance
The broader market also followed the negative trend, with the Nifty Smallcap100 and Nifty Midcap100 both closing lower by 1.02% and 0.94%, respectively.
Sector-wise, most indices ended in the red, with the exception of Auto and FMCG, which managed to hold slight gains. The overall market sentiment remained bearish as investors took profits following recent gains.
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Technical Outlook: Nifty Faces Resistance at 22,700-22,800
On the technical front, market experts noted that the Nifty formed a red candle on the daily chart, indicating weakness. The index breached the key support level of 22,700, closing below it, suggesting that 22,700-22,800 will now act as a solid resistance zone in the coming days.
