Sensex, Nifty end on negative note as IT stocks drag; markets see selling at higher levels - World News Network

Mumbai (Maharashtra) [India], July 10 (ANI): Indian equity benchmarks concluded the day in the red territory, weighed down by weakness in IT stocks. The stock markets on Thursday witnessed selling pressure at higher levels.
At the end of the trading, BSE Sensex was down 345.80 points or 0.41 per cent at 83,190.28, and the Nifty 50 on the National Stock Exchange (NSE) slipped 120.85 points or 0.47 per cent to 25,355.25.
From a sectoral standpoint, Nifty Realty and Nifty Metal indices outperformed, supported by selective buying interest. However, defensives like Nifty FMCG, along with Nifty PSU Bank, witnessed profit-booking and ended in the red.
The broader market also mirrored the benchmark’s lacklustre tone, with both Nifty Midcap 100 and Nifty Smallcap 100 closing lower. The advance-decline ratio stayed largely unchanged for the second straight session, underlining the ongoing consolidation phase across the board.
Within the Nifty 50 basket, IndusInd Bank and Maruti Suzuki emerged as the top gainers, offering some resilience amid the muted broader trend. On the flip side, Bharti Airtel and Asian Paints were the major drags on the index.
The market participants were watchful of the first quarter results of the tech major Tata Consultancy Services Ltd, a 4 per cent rise in net profit.
As per the market experts, volatility is expected to persist through the day amid rising anticipation of a possible trade deal with the US and the commencement of the June-quarter earnings season.
Observing the investors sentiment, Vinod Nair, Head of Research, Geojit Investments Limited, said, “Investor sentiment remains cautious ahead of the Q1 results in anticipation of a muted start to the season from the IT and finance sectors. However, the recent consolidation in the IT stocks largely factors in the muted outlook, limiting further worries.”
“Today, the market traded in a narrow range as investors remained cautious ahead of various trade pacts and the US’s threatening tariff trade policies. Based on current momentum, the market is likely to expect an uptrend pause until the market gets clarity on this,” said VLA Ambala, Co-Founder of Stock Market Today.
Experts say that due to sectoral impact, some sectors may experience a short-term sluggish move in the upcoming Q2 which is impacting the sentiments.
Observing the technical aspects, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said, A long negative candle was formed on the daily chart, which indicates a recent failed attempt at a breakout of narrow range movement and the market is now placed near the lower range at 25300.”
“Despite the ongoing consolidation, the benchmark Nifty index continues to trade above its key moving averages, signalling underlying strength in the broader trend. However, the momentum appears to be losing steam, as the Relative Strength Index (RSI) has slipped below the 60 mark — a sign that bullish momentum is gradually fading,” said Sudeep Shah, Head – Technical and Derivatives Research, SBI Securities.
Shrikant Chouhan, Head Equity Research, Kotak Securities, said that technically, after a muted open, the market experienced consistent selling pressure throughout the day at higher levels.
“We are of the view that the intraday market outlook is weak; however, a fresh selloff is possible only after the dismissal of 25,300/83,000. Below these levels, the market could slip to 25,200/82,700. Further selling pressure may continue, potentially dragging the market down to 25,225/82,500,” Chouhan added. (ANI)

Disclaimer: This story is auto-generated from a syndicated feed of ANI; only the image & headline may have been reworked by News Services Division of World News Network Inc Ltd and Palghar News and Pune News and World News