Sensex, Nifty End Lower as IT Stocks Drag Markets

“On the downside, the 24,300–24,200 zone now remains an important support. A decisive break below 24,250 could intensify selling pressure and drag the index towards the 24,000 psychological mark,” a market expert noted. Overall, the bias is likely to remain volatile, they added.

The broader market remained relatively resilient, with the Nifty MidCap index gaining 0.05 per cent and the Nifty SmallCap index rising 0.36 per cent.

Among the major Nifty constituents, Infosys, Sun Pharmaceutical Industries and HCL Technologies were among the biggest laggards, dragging the headline indices lower.

Sectoral performance was mixed. The Nifty IT index emerged as the worst performer after declining nearly 2 per cent. In contrast, the Nifty Metal and Nifty Realty indices recorded the strongest gains during the session.

Experts said the market remained subdued as investors adopted a cautious approach, with weakness in key IT stocks offsetting gains in select metal and realty shares.

“On the domestic front, bond yields moved higher following elevated crude prices and the RBI’s decision to advance the closure of the FCNR(B) deposit window,” a market expert stated.

“Globally, a weaker U.S. dollar and softer consumer data have eased concerns over near-term monetary tightening, improving long-term risk appetite,” the analyst added.