Mumbai, The benchmark indices ended lower on Monday, weighed down by selling pressure in IT and FMCG stocks.<\/p>\n\n\n\n
The Sensex declined 281.09 points, or 0.36 per cent, to close at 77,728.16, while the Nifty fell 78.35 points, or 0.32 per cent, to settle at 24,287.65.<\/p>\n\n\n\n
Commenting on Nifty technical outlook, experts said that the 24,400 zone remains the immediate resistance area.<\/p>\n\n\n\n
“A sustained breakout above 24,400 would be required to improve the near-term structure and support a recovery towards the 24,500\u201324,600 region,” an analyst said.<\/p>\n\n\n\n
“On the downside, the 24,300\u201324,200 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,” as per the market expert.<\/p>\n\n\n\n
The experts further added that overall, the bias is likely to remain volatile.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
Among the major Nifty constituents, Infosys, Sun Pharmaceutical Industries and HCL Technologies were among the biggest laggards, dragging the headline indices lower.<\/p>\n\n\n\n
Sectoral performance was mixed, with the Nifty IT index emerging 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.<\/p>\n\n\n\n
Experts said that the market remained subdued as investors adopted a cautious approach, with weakness in key IT stocks offsetting gains in select metal and realty shares.<\/p>\n\n\n\n
“On the domestic front, bond yields moved higher following elevated crude price and the RBI’s decision to advance the closure of the FCNR(B) deposit window,” a market expert stated.<\/p>\n\n\n\n
“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.<\/p>\n\n\n\n
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