Mumbai, May 19 (IANS) The Indian stock market began the week on a weak note as benchmark indices ended lower on Monday, mainly due to profit booking at higher levels.

The Sensex fell by 271.17 points, or 0.33 per cent, to close at 82,059.42. The Nifty also ended in negative territory, falling by 74.35 points or 0.30 per cent to settle at 24,944.85.

“Technically, the index appears to be in a consolidation phase, which may continue for the next few days. The index may remain under pressure unless it reclaims the 25,000 level,” Rupak De of LKP Securities said.

“On the downside, the Nifty could drift toward the 24,800–24,750 zone. A deeper correction may be likely if it breaks below 24,750. Conversely, a move above 25,000 could trigger a rally toward the 25,250–25,350 range,” he added.

Several major stocks saw declines on the 30-share index, including Infosys, which slipped 1.95 per cent, and Tata Consultancy Services (TCS), which was down by 1.20 per cent.

Tech Mahindra dropped 1.19 per cent and Asian Paints lost nearly 1 per cent. Eternal (formerly Zomato) also declined around 3 per cent during the intra-day session.

Power Grid Corporation led the gainers with a rise of 1.27 per cent, followed by Bajaj Finance, which gained 0.91 per cent.

NTPC added 0.64 per cent, State Bank of India (SBI) rose 0.32 per cent, and HDFC Bank ended slightly higher with a 0.17 per cent gain.

While the large-cap stocks saw selling pressure, the broader markets held their ground. The Nifty Smallcap100 index climbed 0.51 per cent, and the Nifty Midcap100 index managed a small gain of 0.07 per cent.

This indicates that despite weakness in frontline stocks, investors showed some interest in select small and mid-sized companies.

The Nifty Realty and PSU Bank indices were the top performers among sectoral indices, gaining 2.25 per cent and 1.50 per cent, respectively.

Other sectors that ended in the green included Bank Nifty, Auto, Financial Services, Metal, Pharma, and Healthcare, indicating buying interest in select segments.

However, IT, FMCG, Media, Consumer Durables, and Oil and Gas ended in the red, with the Nifty IT index emerging as the worst performer, falling by 1.37 per cent.

The market volatility saw an uptick. The India VIX, often referred to as the fear gauge, jumped 4.89 per cent to close at 17.36.

Meanwhile, gold prices started the week on a positive note as safe-have bids rose after Moody’s downgraded the US sovereign credit rating to AA1 from AAA, while concerns over trade tariffs and middle-east geo-political tensions is likely to the bullion supported.

“Focus during the week will be on the US data on manufacturing/services PMI, and housing data,” said Pranav Mer of JM Financial Services Ltd.

–IANS

pk/na