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by IANS |
Mumbai, Nov 4 (IANS) Indian stock markets ended lower on Tuesday as renewed selling pressure hit information technology (IT) and metal shares in the second half of the trading session.
After opening on a positive note, the Sensex gave up its early gains and closed 519.34 points, or 0.62 per cent, down at 83,459.15.
During the intra-day session, the index had briefly risen 0.11 per cent before turning negative.
The Nifty also slipped 165.70 points, or 0.64 per cent, to end at 25,597.65.
"The Nifty continued its lower highs and lower lows formation, slipping below the 25,600 mark. Momentum indicators and oscillators have given a sell crossover on the daily chart, indicating that short-term weakness is likely to persist,” market watchers said.
“Immediate support is placed at the 21-DMA near 25,570, followed by psychological support at 25,500 levels. On the contrary, a decisive move above 25,800 would negate the bearish setup and open the door for a fresh upside,” they added.
Among the Sensex stocks, Power Grid, Eternal, Tata Motors Passenger Vehicles, Tata Steel and Maruti Suzuki were the major losers.
On the other hand, Titan, Bharti Airtel, Bajaj Finance, Mahindra & Mahindra and State Bank of India managed to post gains.
The broader markets also weakened in line with the benchmark indices. The Nifty Midcap 100 index ended 0.42 per cent lower, while the Nifty SmallCap 100 index declined 0.82 per cent.
Among sectoral indices, Nifty Consumer Durables was the only one to close in the green, rising 0.39 per cent.
The Nifty Metal index fell the most, losing 1.44 per cent, followed by Auto, which slipped 0.86 per cent, and IT, which edged 0.06 per cent lower.
Analysts said that weak global cues and profit-booking in select heavyweights weighed on investor sentiment, leading to a broad-based decline across the market.
"Indian equity markets ended lower, tracking weak global cues and broad-based selling, particularly across IT, metal, and power sectors. Investor sentiment remained subdued ahead of the holiday-shortened week,” industry watchers added.
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