Indian stock markets end lower as IT shares drag Nifty and Sensex
Indian equity benchmarks ended lower on Friday as IT stocks came under pressure after Accenture's weak outlook. Nifty and Sensex declined sharply, while broader markets outperformed. Investors are now tracking FII flows, monsoon progress, crude oil prices and corporate commentary
Mumbai: Both the Indian indices ended lower in Friday’s session as IT shares dropped sharply following dismal sales and top-line outlook from their global peer Accenture.
At the closing bell, the 50-share index Nifty was at 24,013.10, down by 155 points or 0.64 per cent. The Sensex followed suit and fell 0.78 per cent or 608 points to 76,802.90.
Commenting on Nifty technical outlook, experts said that the 24,100–24,200 region continues to act as the immediate resistance zone.
“A sustained breakout above this band would strengthen bullish momentum and could pave the way for an advance towards the 24,400 region, which remains the next significant resistance area,” an analyst stated.
“On the downside, the 23,900 level remains a crucial immediate support. Holding above this zone will be essential to preserve the broader recovery structure and maintain the positive undertone,” the analyst mentioned.
Infosys, TCS, Tech Mahindra, HCl Tech and Mahindra and Mahindra were among the top losers in the Nifty index.
Infosys led the losers’ pack on Sensex, followed by TCS, HCL Tech, Tech Mahindra, HFC Bank and Mahindra and Mahindra.
However, broader markets blocked the trend and ended higher as the Nifty MidCap and the Nifty SmallCap indices settled 0.22 per cent and 0.42 per cent higher, respectively.
Sectorally, the Nifty IT tanked the most. The Nifty Realty, the Nifty Auto, and the Nifty Oil & Gas also underperformed. The Nifty Pharma rose the most.
“Going forward, investors will closely monitor FII flows, monsoon progress, crude oil prices and management commentary from key corporates, particularly Reliance Industries’ AGM, for further market direction,” the analyst noted.
Meanwhile, Rupee traded marginally stronger with gains of around 7 paise near 94.31, as recent weakness in crude oil prices continued to support the domestic currency.
“Technically, the rupee is expected to trade within a range of 93.90–94.65, with the current positive trend keeping the possibility open for a test of the 94.00 level in the near term,” the analyst mentioned.
