Sensex, Nifty end lower amid IT, banking Drag; Q1 earnings and FII outflows weigh on sentiment


Daijiworld Media Network - Mumbai

Mumbai, Jul 17: Indian equity markets ended in the red on Thursday as cautious sentiment prevailed among investors amid weak Q1 earnings in the IT and banking sectors, persistent FII outflows, and concerns over global trade deals.

The Sensex closed at 82,259.24, down 375.24 points or 0.45%, after opening marginally higher at 82,753.53. The index steadily declined during the session, hitting an intraday low of 82,219.27. Meanwhile, the Nifty slipped 100.60 points or 0.40%, to settle at 25,111.45.

Vinod Nair, Head of Research at Geojit Financial Services, said investor sentiment remained subdued due to disappointing quarterly results, especially from technology and banking majors. Elevated valuations of large-cap stocks and consistent outflows by foreign institutional investors further added to the pressure. He added that any positive developments in global or domestic cues could improve market sentiment.

Major drags on the Sensex included TCS, Infosys, Tech Mahindra, HCL Tech, Axis Bank, Bajaj Finserv, and HDFC Bank. Meanwhile, Tata Steel, Trent, Tata Motors, and Titan managed to end in the green. Within the Nifty50 pack, 19 stocks advanced while 31 declined.

The broader markets also witnessed weakness, with the Nifty Next 50 falling 159.10 points, the Nifty Midcap 100 down 100 points, and the Nifty Smallcap 100 slipping 22.75 points. Sectorally, the mood remained bearish as Nifty IT plunged 522 points, Nifty Bank declined 230 points, and Nifty Financial Services dropped 106 points. However, Nifty FMCG saw marginal gains.

The rupee also showed weakness, declining by 0.12% to close at Rs 86.02 against the US dollar. The pressure stemmed from weak domestic equities and a stable dollar index, which hovered near 98.70.

Rupak De, Senior Technical Analyst at LKP Securities, noted that Nifty was under consistent selling pressure and failed to surpass the key resistance level of 25,260. He observed a consolidation breakout on the hourly charts, which signals weakening bullish momentum. Analysts now expect the Nifty to potentially drift towards the 24,920–24,900 zone, with 25,260 acting as a strong resistance level.

Overall, the market mood remains cautious, with investors awaiting clearer signals from earnings reports, global trends, and policy developments.

  

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Title: Sensex, Nifty end lower amid IT, banking Drag; Q1 earnings and FII outflows weigh on sentiment



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