Mumbai, May 29 (IANS) Indian equity benchmark indices ended sharply lower on Friday after a volatile trading session, as uncertainty surrounding a possible US-Iran understanding triggered heavy selling in the final hour of trade.

The Sensex closed at 74,775.74, down 1,092.06 points or 1.44 per cent, while the Nifty settled at 23,547.75, declining 359.40 points or 1.50 per cent.

The Nifty witnessed sharp swings during the session, touching an intra-day high of 24,002.80 before falling to a low of 23,484.75.

Similarly, the Sensex climbed to 76,220.02 during the day but later plunged to an intra-day low of 74,589.11 as late-hour selling intensified.

Commenting on Nifty technical outlook, experts said that a sustained breakdown below the 23,500 zone could weaken the near-term structure and could extend downside pressure toward the 23,300–23,200 region in the short term if selling persists.

“On the upside, the 23,750–23,800 zone is now expected to act as an immediate resistance band, followed by stronger resistance near the 24,000 level,” an analyst stated.

In the broader markets, the Nifty MidCap 100 index fell 1.33 per cent and the Nifty SmallCap index slipped 0.85 per cent.

Heavyweight stocks further dragged indices lower. Shares of Reliance Industries declined more than 2.18 per cent, while ITC fell 1.71 per cent, offsetting gains in the technology sector.

IT stocks, however, remained resilient during the session, with the Nifty IT index gaining more than 0.60 per cent.

Market participants continued to favour technology counters amid the overnight rally in US tech stocks and weakness in the Indian rupee, which is expected to improve margins for export-oriented IT companies.

Analysts said the session highlighted the fragile nature of market sentiment near higher resistance levels.

“The market witnessed broad-based selling pressure following the IMDs monsoon forecasts to 90 per cent of the long period average (LPA), raising concerns among investors,” as per the analyst.

–IANS

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