Sensex Dips as Banking Stocks Weigh; Nifty Slips Below 25,150
Indian equity markets ended a volatile session on a subdued note, with the Sensex closing marginally lower and the Nifty 50 slipping below the crucial 25,150 mark. Banking stocks emerged as the primary drag on market sentiment, offsetting gains in IT and metal sectors.
The Nifty Bank index declined by 0.37%, shedding 210.50 points to close at 56,629.10. ICICI Bank was among the notable losers in the banking space, falling 1.71%. However, some bank stocks bucked the downtrend, with Kotak Mahindra Bank, AU Small Finance Bank, and Federal Bank rising 3.13%, 3%, and 2.37%, respectively.
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Despite the lackluster finish, the Bank Nifty had earlier touched a record high above the 57,000 level before retreating. Technical analysts noted that the index closed range-bound at 56,839, with immediate resistance pegged at 57,049 and support at multiple levels below current prices.
Meanwhile, the broader market witnessed mixed sentiment after a recent rally. While IT and metal stocks provided some support, they failed to fully offset the weakness in financials. Market participants attributed the subdued performance to selective profit booking following four consecutive sessions of gains.
Looking ahead, technical analysis suggests immediate support for the Nifty 50 near the 25,000 level, with resistance around 25,307. Investors will closely monitor global cues and domestic economic data for further direction. As always, maintaining a balanced portfolio and exercising caution amid market volatility remains prudent.
Key Takeaways:
- Sensex closes marginally lower; Nifty slips below 25,150
- Banking stocks weigh on indices; ICICI Bank among losers
- Nifty Bank index declines 0.37% to 56,629.10
- IT and metal stocks provide some support but fail to offset weakness in financials
- Technical levels: Nifty 50 support at 25,000, resistance at 25,307; Bank Nifty resistance at 57,049
