Mumbai, July 21 (IANS) Indian benchmark equity indices ended lower for the second consecutive session on Tuesday, dragged down by losses in information technology and public sector banking stocks as investors remained cautious amid continuing geopolitical tensions in West Asia.
The Sensex declined 238.41 points, or 0.31 per cent, to settle at 77,470.11, while the Nifty fell 51 points, or 0.21 per cent, to close at 24,187.70.
Commenting on Nifty technical outlook, experts said that immediate support is placed around 24,150–24,100, followed by 24,000.
“On the upside, resistance is seen near 24,300–24,400. A sustained move above this range could trigger renewed buying momentum,” an analyst stated.
Among the Nifty constituents, HDFC Bank, Infosys and State Bank of India emerged as the top laggards, putting pressure on the frontline indices.
The broader market, however, outperformed the benchmark indices. The Nifty MidCap index ended 0.3 per cent higher, while the Nifty SmallCap index gained 0.53 per cent.
On the sectoral front, the Nifty PSU Bank and Nifty IT indices recorded the steepest declines during the session.
In contrast, the Nifty Chemical and Nifty Cement indices finished among the top gainers, reflecting sector-specific buying despite the overall weakness in the market.
Experts said that the investor sentiment remained subdued as persistent geopolitical tensions in West Asia continued to weigh on global risk appetite, prompting cautious trading in domestic equities.
“Despite geopolitical challenges, midcaps are performing well in anticipation of strong corporate earnings, supported by demand-led business updates,” an analyst stated.
“At present, the broader market is trading in a mixed range, reflecting large caps’ underperformance driven by moderating inflows amid rising geopolitical risks and higher crude oil prices,” a market expert mentioned.
–IANS
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