Mumbai, July 28 (IANS) Indian benchmark equity indices ended marginally lower on Tuesday after moving in a narrow range throughout the trading session, as losses in PSU Bank, FMCG and chemical stocks offset gains in the information technology space.
The Sensex declined 69.86 points, or 0.09 per cent, to close at 76,765.92, while the Nifty slipped 10.60 points, or 0.04 per cent, to settle at 23,985.35.
Commenting on Nifty technical outlook, experts stated that on the higher end, 24,050 remained a strong resistance, while on the lower end, support was seen around 23,920.
“A decisive move above 24,050 in the near term might provide the required strength for the index to move towards 24,500 in the short term. On the lower end, support is placed at 23,800,” an analyst stated.
Among the Nifty constituents, Hindustan Unilever, Bharat Electronics (BEL) and Coal India emerged as the top laggards, weighing on the benchmark indices.
The broader market delivered a mixed performance. The Nifty MidCap index edged up 0.08 per cent, whereas the Nifty SmallCap index ended 0.22 per cent lower.
On the sectoral front, FMCG, PSU Bank and chemical stocks remained under pressure. The Nifty FMCG index snapped its two-session winning streak, while the Nifty PSU Bank and Nifty Chemical indices also finished in the red.
In contrast, the information technology sector outperformed the broader market. The Nifty IT index surged more than 3 per cent during the session, extending its winning streak to a third consecutive day and providing support to the benchmarks despite the overall subdued market sentiment.
“While easing geopolitical tensions in the Middle East offered some relief, renewed weakness in global technology stocks — triggered by concerns over China’s advances in semiconductor manufacturing and their implications for AI-related valuations — kept investors on the sidelines,” a market expert mentioned.
Meanwhile, the Indian rupee appreciated for the third consecutive session, supported by a decline in imported commodity prices and a steady supply of dollars from banks.
“From a technical standpoint, the spot USDINR pair finds immediate support in the 95.60 to 95.40 range, while 96.15 continues to pose a key overhead hurdle,” according to the market expert.
–IANS
pk
