Mumbai, August 31 (IANS) Indian benchmark indices ended lower on Monday, weighed down by selling pressure in IT, metal, realty and media stocks amid weak global cues.
The Sensex declined 307.24 points, or 0.40 per cent, to settle at 76,957.27, while the Nifty fell 95.25 points, or 0.39 per cent, to close at 24,080.40.
Commenting on Nifty technical outlook, experts said that in the near term, the index may witness a minor pullback towards 24,180–24,200.
"However, the higher levels are likely to act as resistance. A sustained move above 24,200 could trigger a further rise of around 100 points. On the downside, support is placed at 23,990. A sustained break below this level could resume the correction in the market," an analyst stated.
ITC, Bharti Airtel and Eternal emerged as the biggest losers on the Nifty index, dragging the benchmark lower.
In the broader market, performance was mixed. The Nifty MidCap index managed to gain 0.24 per cent, while the Nifty SmallCap index declined 0.74 per cent.
Sectoral performance was also uneven. The Nifty Media, Nifty Metal, Nifty Realty and Nifty IT indices underperformed the broader market.
In contrast, the Nifty Auto and Nifty Private Bank indices emerged as the key outperformers, providing some support to the market.
Market experts said that the overall market mood remained cautious as investors tracked weak global signals and sector-specific selling pressure.
"Escalating tensions between the US and Iran have kept investors on edge, as fading prospects of a diplomatic breakthrough pushed crude oil prices and global bond yields higher," a market expert stated.
"Rising crude oil prices and bond yields have renewed concerns over energy-led inflation and a higher interest rate environment, which could weigh on the earnings cycle," an analyst added.
Meanwhile, the Indian rupee staged a stellar two-day comeback to close at its strongest level since August 5, successfully overcoming an early dip triggered by a Friday’s surge in the dollar index following hawkish remarks from Fed Chair Warsh at Jackson Hole symposium.
"From a technical perspective, spot USDINR continues to navigate a defined range, encountering immediate resistance at 95.50 and firm support at 94.90," a market expert stated.
