Nifty, Sensex snap 4-day winning streak as metal, realty stocks drag markets
Mumbai, July 7
Indian benchmark equity indices ended lower on Tuesday, snapping a four-session winning streak, as weakness in metal and realty stocks offset gains in information technology and consumer-focused sectors.
The Sensex declined 104.35 points, or 0.13 per cent, to close at 78,180.72. The Nifty slipped 31.65 points, or 0.13 per cent, to settle at 24,398.70.
Commenting on Nifty technical outlook, experts said that the 24,500-24,600 region remains the immediate and crucial resistance zone for the upcoming sessions.
"On the downside, the 24,300 level is expected to provide immediate support, followed by the 24,200 zone, which remains a key demand area," as per the analyst.
"Holding above these levels will be essential to preserve the prevailing bullish structure," the expert stated.
Among the Nifty constituents, Titan Company, Tech Mahindra and HCLTech emerged as the top gainers, supported by strength in the IT and consumer durables segments.
The broader market also ended in the red, with the Nifty MidCap index falling 0.3 per cent and the Nifty SmallCap index declining 0.55 per cent.
On the sectoral front, the Nifty IT index outperformed the broader market, while the Nifty Consumer Durables and Nifty FMCG indices also ended with relative strength. In contrast, the Nifty Metal and Nifty Realty indices were the biggest laggards, dragging the benchmarks lower.
Experts said that the decline in metal and realty shares weighed on overall market sentiment, bringing an end to the benchmarks' four-day gaining streak despite resilience in select technology and consumer stocks.
"With concerns around the US-Iran conflict and trade tariffs easing, market focus is shifting towards Q1FY27 earnings and the progress of the monsoon. Meanwhile, improving FII inflows and a stable rupee are expected to provide near-term support to overall market sentiment," market expert mentioned.
— IANS
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