Mumbai

Indian equity indices ended lower as investors engaged in profit booking after reaching new highs on Friday. During the day, the Sensex peaked at 85,978 and the Nifty hit 26,277, marking all-time highs. Ultimately, the Sensex closed down by 264 points, or 0.31%, settling at 85,571, while the Nifty fell by 37 points, or 0.14%, to end at 26,178.

The decline was primarily driven by banking stocks, with the Nifty Bank index dropping 541 points, or 1%, to 53,834. Among the major gainers in the Sensex group were Sun Pharma, Reliance, Titan, and HCL Tech, while Power Grid, ICICI Bank, and Bharti Airtel faced significant losses.

Mid and small-cap stocks also saw selling pressure, with the Nifty Midcap 100 index down 88 points, or 0.15%, and the Nifty Smallcap 100 index down 19 points, or 0.10%.

In sector performance, Auto, IT, PSU Bank, and Pharma stocks gained ground, while Fin Service, FMCG, and media lagged behind. Rupak De, a Senior Technical Analyst, noted that the Nifty remains strong above key moving averages, with a potential rally expected if it surpasses 26,300. Investors are also looking forward to Q2 earnings reports for a better earnings outlook.