3 hrs ago
Sensex, Nifty Fall 0.5% as IT, Metal Stocks Weigh
Indian share markets ended lower on Monday.
The Sensex and Nifty both lost 0.5%.
Information technology, metal and public-sector bank stocks were among the weakest areas.
Realty and media shares also fell.
Investors were worried about geopolitical tensions and changing crude oil prices.
They were also concerned that monetary conditions could remain tight.
Pharma and healthcare stocks performed better than many other sectors.
Experts said the Nifty could face resistance near 23,800 and support around 23,750 to 23,700.
The Sensex fell 382.62 points, or 0.5%, to close at 76,132.81.
The Nifty declined 118.55 points, or 0.5%, to settle at 23,779.15.
IT, metal, PSU bank, realty and media stocks underperformed, with Infosys, SBI Life Insurance Company and HDFC Life Insurance Company among the biggest Nifty losers.
Geopolitical tensions, volatile crude oil prices and concerns over tighter monetary conditions kept investors cautious.
Pharma and healthcare stocks outperformed, while the Nifty MidCap index fell 0.46% and the Nifty SmallCap index rose 0.02%.
- Who
- Indian equity investors and market participants, including analysts commenting on the Nifty outlook.
- What
- The Sensex and Nifty each declined 0.5% as IT, metal and PSU bank shares weighed on the markets.
- Where
- Mumbai and Indian stock markets.
- When
- Monday, September 7, according to one article.
- Why
- Investors remained cautious because of geopolitical tensions, volatile crude oil prices and concerns over monetary tightening.
Key facts
- Sensex close
- 76,132.81, down 382.62 points or 0.5%
- Nifty close
- 23,779.15, down 118.55 points or 0.5%
- Top declining sectors
- IT and metal, followed by PSU banks, realty and media
- Leading Nifty losers
- Infosys, SBI Life Insurance Company and HDFC Life Insurance Company
- Better-performing sectors
- Pharma and healthcare
- MidCap performance
- Nifty MidCap fell 0.46%
- SmallCap performance
- Nifty SmallCap rose 0.02%
- Technical levels
- 23,800 was identified as immediate resistance; 23,750–23,700 as immediate support, with 24,000 a key hurdle
Quotes
Market expert
An unnamed expert commenting on the Nifty’s technical outlook
“However, the 24,000 mark remains the key psychological hurdle. Unless the index decisively reclaims and sustains above this level, selling pressure at higher levels is likely to persist, keeping the overall technical structure weak.”
thehansindia.com
“On the downside, 23,750–23,700 zone remains the immediate support, based on today’s intraday low. A decisive closing below this level could intensify selling pressure and expose the index to the 23,600 region.”
thehansindia.com
Sources
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