Indian equity markets closed lower on Monday after a volatile trading session, as selling pressure in information technology and oil and gas stocks weighed on overall sentiment.
Markets also remained cautious amid mixed global cues following a US military operation in Venezuela that reportedly led to the capture of President Nicolas Maduro.
At the close of trade, the Nifty ended at 26,250.30, down 78.25 points or 0.3 per cent.
“The 26,300–26,350 band now stands as a key overhead resistance. A decisive and sustained breakout above this range could revive bullish momentum and open the path towards 26,500 in the near term,” an analyst said.
“On the downside, a clear break below 26,200 may trigger a corrective move towards the 26,050–26,000 zone,” the analyst added.
The Sensex also finished in the red, settling at 85,439.62, down 322.39 points or 0.38 per cent.
Earlier in the session, markets had moved higher, with the Nifty touching a fresh record high of 26,373.20. However, the gains proved short-lived as investors booked profits at higher levels, leading to a pullback in the latter half of the trading day.
Heavyweight stocks such as HDFC Bank, Infosys, HCLTech, Bajaj Finance and TCS were among the top losers on the Sensex, dragging the benchmark indices lower.
On the other hand, shares of Bharat Electronics, Hindustan Unilever, Tata Steel, UltraTech Cement and Axis Bank provided some support and ended the session among the top gainers.
The broader market showed a mixed trend. The Nifty Midcap index ended marginally lower by 0.16 per cent, while the Nifty Smallcap index declined by 0.53 per cent.
On the sectoral front, technology and oil and gas stocks faced the maximum pressure, with the Nifty IT and Nifty Oil and Gas indices falling around 1 per cent each.
In contrast, real estate stocks outperformed the broader market, with the Nifty Realty index rising over 2 per cent. FMCG and consumer durable stocks also ended higher, reflecting continued buying interest in defensive and consumption-driven sectors.
— IANS
