Mumbai, Nov 24 (IANS) Indian share markets closed lower on Monday after a volatile trading session, even as global markets showed some buying interest.
The Sensex slipped 331.21 points, or 0.39 per cent, to end the day at 84,900.71. The Nifty also fell, finishing 108.65 points, or 0.42 per cent, lower at 25,959.5.
“Domestic institutions continued to absorb dips, but the structure weakened as the index closed below 26,000, opening room for a slide toward 25,800–25,750,” analysts said.
“A move back above 26,150 is essential to revive momentum and retest the all-time high of 26,277,” they added.
Among the Sensex stocks, Infosys, Tech Mahindra, Asian Paints, Adani Ports and Sun Pharma were the key gainers.
However, companies like BEL, Tata Steel, M&M and Tata Motors’ passenger vehicle arm dragged the index down as they ended among the major losers.
Sector-wise, real estate shares came under the most pressure, with the Nifty Realty index dropping 2.05 per cent.
Metal and chemical stocks also declined, with Nifty Metal down 1.23 per cent and Nifty Chemicals falling 1.31 per cent.
On the other hand, the IT sector moved against the overall trend. The Nifty IT index managed to rise 0.41 per cent, supported by gains in major technology stocks.
The weakness extended to the broader markets as well. The Nifty Midcap 100 index slipped 0.32 per cent, while the Nifty Smallcap 100 index fell 0.85 per cent.
Rupee started the day with a strong gap-up at 89.20, gaining Rs 0.35 or 0.39 per cent after Friday’s sharp fall to all-time lows near 89.65.
“Last week’s decline was largely attributed to delays in the India–US trade deal, lack of any concrete updates on progress, a rising US dollar index, and the absence of visible intervention at lower levels,” experts said.
“Despite today’s bounce, the broader trend looks weak, and the rupee is expected to trade within a volatile range of 88.75–89.50 in the near term,” they added.
–IANS
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