Daijiworld Media Network - Mumbai

Mumbai, Jul 28: Indian benchmark equity indices ended marginally lower on Tuesday after trading in a narrow range, as losses in PSU bank, FMCG and chemical stocks offset gains in information technology shares.

The BSE Sensex fell 69.86 points, or 0.09 per cent, to close at 76,765.92, while the NSE Nifty declined 10.60 points, or 0.04 per cent, to settle at 23,985.35.

Market analysts said the Nifty faces strong resistance at 24,050, while immediate support is seen around 23,920. A sustained move above 24,050 could push the index towards 24,500 in the short term, while broader support is placed at 23,800.

Among the Nifty stocks, Hindustan Unilever, Bharat Electronics (BEL) and Coal India were the top losers.

The broader market delivered mixed results, with the Nifty MidCap index rising 0.08 per cent, while the Nifty SmallCap index slipped 0.22 per cent.

Sector-wise, FMCG, PSU bank and chemical stocks remained under pressure. The Nifty FMCG index ended its two-session gaining streak, while the Nifty PSU Bank and Nifty Chemical indices also closed in negative territory.

In contrast, the information technology sector outperformed the broader market. The Nifty IT index jumped more than 3 per cent, extending gains for a third straight session and lending support to the benchmark indices.

According to market experts, easing geopolitical tensions in the Middle East provided some relief to investors. However, concerns over China's advances in semiconductor manufacturing and their impact on artificial intelligence-related valuations continued to weigh on global technology stocks, keeping overall market sentiment subdued.

Meanwhile, the Indian rupee appreciated for the third consecutive session, supported by lower imported commodity prices and steady dollar inflows from banks.

Analysts said the spot USD/INR pair has immediate support in the 95.60-95.40 range, while 96.15 remains a key resistance level.