Indian stock markets closed lower on Thursday as investors remained cautious due to the holiday-shortened week, refraining from new positions amid a lack of strong triggers. Selling pressure in information technology and automobile stocks, combined with the expiry of Sensex derivatives, impacted market sentiment negatively. The Sensex ended at 85,041.45, down 367.25 points or 0.43%, while the Nifty fell 99.80 points or 0.38% to settle at 26,042.30.
“The 26,000 support zone is crucial, supported by the 20-day EMA, heavy Put OI accumulation, and the classic Pivot S1 level around 26,009,” analysts noted. They added that while this confluence has prevented significant declines so far, a sustained drop below 26,000 could lead to further downside towards the 25,900–25,800 range. Resistance levels are concentrated between 26,200 and 26,330, with strong supply indicated by repeated rejections.
Despite the overall weak trend, some stocks like Titan, NTPC, and Hindustan Unilever saw gains on the BSE. Conversely, heavyweight stocks such as Bajaj Finance, Asian Paints, and HCL Technologies experienced losses, pulling the index down. On the NSE, Titan led the gainers, with Asian Paints, Shriram Finance, and Bajaj Finance among the notable losers.
Both midcap and smallcap stocks reflected cautious sentiment, with the Nifty Midcap 100 index down by 0.23% and the Nifty SmallCap 100 index slipping 0.08%. In sectoral performance, information technology stocks saw significant selling pressure, with the Nifty IT index declining by 1.03%. Auto stocks also faced downward pressure, ending 0.52% lower, while metal stocks outperformed the market, with the Nifty Metal index rising by 0.59% by the close of trade.
