Noida, Aug 27 (APAC Media): Indian equity benchmarks BSE Sensex and NSE Nifty extended their losses for a second straight session on Thursday, weighed down by selling in metal, cement and public sector banking stocks amid mixed global cues and continued geopolitical uncertainty.
The Sensex declined 539.35 points, or 0.70 per cent, to close at 76,933.59. The NSE Nifty50 fell 116.90 points, or 0.48 per cent, to settle at 24,090.85, slipping below the key 24,100 level.
Selling pressure intensified towards the close, with the Sensex losing more than 500 points. HDFC Bank, NTPC, Mahindra & Mahindra and Bharti Airtel were among the major laggards in the Sensex pack. Kotak Mahindra Bank, ICICI Bank, Tech Mahindra and Bharat Electronics were among the gainers.
On the Nifty50, Hindalco Industries, HDFC Bank and Mahindra & Mahindra were the biggest losers.
Sectoral indices largely remained under pressure. The Nifty Cement index was the worst performer, declining more than 1 per cent, while metal and PSU banking stocks also witnessed selling. In contrast, pharma, private banking and realty stocks outperformed. The Nifty Pharma index gained 0.84 per cent to emerge as the top-performing sectoral index.
The broader market also ended in negative territory. The Nifty MidCap 100 declined 0.10 per cent, while the Nifty SmallCap 100 slipped 0.13 per cent.
Analysts said markets are likely to remain range-bound in the near term amid expiry-related volatility and the absence of a diplomatic breakthrough in West Asia.
However, moderating crude oil prices, resilient corporate earnings and foreign institutional investor inflows could provide some support to equities.
Vinod Nair, head of research at Geojit Investments, said investors would also track the US Federal Reserve chair’s upcoming Jackson Hole address for signals on inflation, interest rates and the policy outlook.
Technically, analysts identified 24,000 as a crucial support for the Nifty. A sustained move above 24,100 could trigger a rebound towards 24,250-24,300, while a break below 24,000 may accelerate selling towards 23,900-23,850.
–ENDS–
Disclaimer:Â This article is for informational purposes only and is based on publicly available information. APAC Media is not responsible for investment decisions or losses. Please conduct your own research or consult a financial adviser before investing.
Also Read:
