After opening near the flatline, losses in the banking and consumer pack dragged the benchmark indices Nifty 50 and Sensex into the red on October 24, with traders booking profits after a strong run-up. The benchmarks snapped a six session winning streak.
At close, the Sensex was down 344.52 points or 0.41 percent at 84,211.88, and the Nifty was down 96.25 points or 0.37 percent at 25,795.15. About 1669 shares advanced, 2132 shares declined, and 119 shares unchanged.
Sectoral performance was broadly weak, with most major indices trading in the red. Nifty Metal registered the steepest decline, falling over 1 percent, followed by pressure in healthcare, banking, and FMCG. Nifty Auto, IT, and media indices also slipped modestly. On the brighter side, realty and oil and gas stocks showed resilience, posting marginal gains amid the otherwise subdued market sentiment.
Investors are awaiting details on the trade between between India and U.S., which will guide sentiment. As updates fail to materialize, traders take a more risk-off approach, leading the indices to fall.
Further, rising crude oil prices above $61 a barrel following fresh U.S. sanctions on Russian producers could weigh on sentiment across oil-importing nations like India, raising concerns over inflation and fiscal pressure.
The Nifty 50 now faces a strong resistance cluster around 26,000–26,200, where heavy call writing has been observed, signalling hesitation among participants to chase the rally further. On the downside, the earlier breakout zone around 25,660–25,700 is expected to act as immediate support.
"A sustained move above 25,900 could rekindle bullish momentum and pave the way for a retest of the 26,000–26,200 zone, while a slip below 25,820 may trigger short-term profit-taking, dragging the index toward 25,660–25,500. Overall sentiment remains constructive, though the market appears poised for a brief consolidation phase after a strong run-up," said Ponmudi R, CEO - Enrich Money.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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