Mumbai, July 14 (IANS) India’s benchmark equity indices ended sharply lower on Tuesday as heightened geopolitical tensions in West Asia triggered broad-based selling, with PSU bank, realty and auto stocks leading the decline.

The Sensex closed 561.46 points, or 0.72 per cent, lower at 77,054.94, while the Nifty slipped 159 points, or 0.66 per cent, to settle at 24,052.05.

Commenting on Nifty technical outlook, experts said that the the index remained range-bound after opening with a gap-down as the NSE weekly options expired.

It found support around the previous day’s low while continuing to sustain above the falling trendline.

“In the short term, the outlook is likely to remain positive as long as the index stays above 23,950. On the higher side, it may advance towards the 24,250–24,300 zone,” an analyst said.

“However, a decisive fall below 23,950 could weaken the current bullish setup and trigger a phase of consolidation,” as per the market expert.

Investor sentiment remained subdued amid growing concerns over developments in West Asia, prompting profit booking across key sectors despite resilience in select defensive stocks.

Among the Nifty constituents, HCLTech, Shriram Finance and HDFC Life Insurance Company emerged as the biggest laggards, weighing on the benchmark index.

The weakness extended to the broader market as well, with the Nifty MidCap index ending 0.44 per cent lower and the Nifty SmallCap index declining 1.01 per cent.

Sectoral indices largely traded in the red, with the Nifty Realty, Nifty PSU Bank and Nifty Auto witnessing the steepest losses. In contrast, the Nifty Pharma index bucked the trend and finished as the top sectoral gainer, reflecting defensive buying amid the broader market weakness.

“Looking ahead, all eyes are now on the US Fed Chair, whose upcoming remarks could set the tone for global rate expectations. Meanwhile, the Q1 earnings season rolls on a positive note but rapid increase in geopolitical risk has dampened the sentiment,” as per the market expert.

–IANS

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