Mumbai
The Indian stock market ended on a negative note on Thursday, with the Sensex dropping over 500 points amid heavy selling in the IT sector.
The Sensex closed at 79,389.06, down by 553.12 points, or 0.69%. The Nifty also fell, closing at 24,205.35 after a decline of 135.50 points, or 0.56%.
The Nifty Bank index decreased by 332.15 points, or 0.64%, ending at 51,475.35. The Nifty Midcap 100 index closed at 56,112.85, down by 226.40 points, or 0.40%. However, the Nifty Smallcap 100 index saw a rise, closing at 18,602.60, up by 211.70 points, or 1.15%.
Selling pressure was evident across most sectors, with the exception of pharmaceuticals, media, and energy. Despite the downturn, market sentiment remained somewhat positive overall.
On the Bombay Stock Exchange (BSE), 2,654 stocks gained ground, while 1,262 declined, and 110 remained unchanged. Among the top losers in the Sensex were Tech Mahindra, HCL Tech, TCS, Infosys, and Asian Paints, while L&T, JSW Steel, Power Grid, and Mahindra & Mahindra were among the top gainers.
Market experts noted that the Nifty index experienced volatility, encountering resistance around the 21 EMA (Exponential Moving Average) before retreating to the 24,200 mark. They indicated that sentiment could remain weak as long as the Nifty stays below 24,500, with any rise toward this level likely facing selling pressure. Support is seen at 24,000, while resistance levels are noted at 24,500 and 24,750.
