Mumbai, The benchmark equity indices extended their losses for a third consecutive session on Thursday, ending modestly lower after trading within a narrow range throughout the day amid subdued investor sentiment.<\/p>\n\n\n\n
The Sensex increased 113.61 points, or 0.15 per cent, to close at 78,079.96, while the Nifty shed 40.10 points, or 0.16 per cent, to settle at 24,395.85.<\/p>\n\n\n\n
Commenting on Nifty technical outlook, experts said that on the daily chart, the index is approaching a key technical support zone around 24,325, where the 20-day Simple Moving Average (SMA) coincides with the 38.2 per cent Fibonacci retracement level.<\/p>\n\n\n\n
\u201cAs long as the 24,325 support remains intact, the broader uptrend is likely to resume, with the index expected to retest the immediate resistance around 24,775,\u201d an analyst stated.<\/p>\n\n\n\n
\u201cA decisive move above that level could open the door for a further advance towards 24,900,\u201d as per the expert.<\/p>\n\n\n\n
Selling pressure in heavyweight stocks weighed on the benchmarks, with Hindalco Industries, UltraTech Cement and Grasim Industries emerging as the top losers on the Nifty index.<\/p>\n\n\n\n
Despite weakness in the frontline indices, broader markets displayed resilience. The Nifty MidCap index ended 0.15 per cent higher, while the Nifty SmallCap index gained 0.27 per cent.<\/p>\n\n\n\n
Among sectoral indices, the Nifty Metal index was the worst performer, falling more than 1 per cent amid weakness in metal stocks.<\/p>\n\n\n\n
In contrast, the Nifty Chemical index outperformed its peers and ended as the top sectoral gainer for the session.<\/p>\n\n\n\n
Experts said that the market participants largely remained cautious throughout the day, keeping benchmark indices confined to a tight trading range.<\/p>\n\n\n\n
\u201cIn the near term, market direction is likely to be shaped by developments in energy markets, geopolitical risks and the sustainability of foreign capital inflows,” a market expert stated.<\/p>\n\n\n\n
Meanwhile, the Indian rupee experienced steady depreciation throughout today’s session, driven by strong dollar demand from importers.<\/p>\n\n\n\n
\u201cIn the near term, spot USDINR is expected to head higher with support at 95.10 and resistance at 95.60,\u201d an analyst stated.<\/p>\n","protected":false},"excerpt":{"rendered":"
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