Sensex, Nifty end marginally lower amid broad sell-off across Asian markets
Mumbai, July 28
Indian benchmark equity indices ended marginally lower on Tuesday after moving in a narrow range throughout the trading session, as losses in PSU Bank, FMCG and chemical stocks offset gains in the information technology space.
The Sensex declined 69.86 points, or 0.09 per cent, to close at 76,765.92, while the Nifty slipped 10.60 points, or 0.04 per cent, to settle at 23,985.35.
Commenting on Nifty technical outlook, experts stated that on the higher end, 24,050 remained a strong resistance, while on the lower end, support was seen around 23,920.
"A decisive move above 24,050 in the near term might provide the required strength for the index to move towards 24,500 in the short term. On the lower end, support is placed at 23,800," an analyst stated.
Among the Nifty constituents, Hindustan Unilever, Bharat Electronics (BEL) and Coal India emerged as the top laggards, weighing on the benchmark indices.
The broader market delivered a mixed performance. The Nifty MidCap index edged up 0.08 per cent, whereas the Nifty SmallCap index ended 0.22 per cent lower.
On the sectoral front, FMCG, PSU Bank and chemical stocks remained under pressure. The Nifty FMCG index snapped its two-session winning streak, while the Nifty PSU Bank and Nifty Chemical indices also finished in the red.
In contrast, the information technology sector outperformed the broader market. The Nifty IT index surged more than 3 per cent during the session, extending its winning streak to a third consecutive day and providing support to the benchmarks despite the overall subdued market sentiment.
"While easing geopolitical tensions in the Middle East offered some relief, renewed weakness in global technology stocks -- triggered by concerns over China's advances in semiconductor manufacturing and their implications for AI-related valuations -- kept investors on the sidelines," a market expert mentioned.
Meanwhile, the Indian rupee appreciated for the third consecutive session, supported by a decline in imported commodity prices and a steady supply of dollars from banks.
"From a technical standpoint, the spot USDINR pair finds immediate support in the 95.60 to 95.40 range, while 96.15 continues to pose a key overhead hurdle," according to the market expert.
— IANS
Reader Comments
Honestly, this is a good time for long-term investors. Smallcap dip is attractive if you have patience. But I wish regulators would keep a closer eye on FMCG stocks \u2013 too much volatility for retail investors like me. \ud83e\udd14
Global headwinds are real. China\u2019s semiconductor push is spooking everyone, but India\u2019s IT sector is holding up well. Rupee strengthening is a bonus for importers. Overall, a steady-as-she-goes day. \ud83c\udf0d
The support around 23,800 is crucial. If that breaks, we might see a correction. But the IT rally gives me hope. Just wish the government would announce something to boost the PSU banks \u2013 they\u2019ve been laggards for too long. \ud83e\udd37
Mixed day but nothing worrying. The rupee appreciating is good news for my travel plans abroad, haha. Market experts said it\u2019s a \u201cnarrow range\u201d \u2013 basically nothing dramatic. I\u2019ll just hold my mutual funds and watch. \ud83c\udfe6
This is where retail investors get nervous. But remember, small dips are buying opportunities. BEL and Coal India falling? Might be a chance to accumulate. Patience is key in Indian markets! \u270a
We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.