Sensex, Nifty slip amid weakness in banking stocks

MUMBAI: Benchmark equity indices Sensex and Nifty closed lower in a volatile trading session on Wednesday as weakness in banking and financial stocks, coupled with geopolitical uncertainties surrounding the US-Iran situation, kept investors cautious.

The 30-share Sensex slipped 141.90 points, or 0.19 per cent, to settle at 75,867.80. The index had opened on a positive note but lost momentum as the day progressed.

Commenting on Nifty technical outlook, experts said that the 23,800 region remains an important immediate support zone, and a decisive break below this area could extend weakness toward the 23,600–23,500 levels.

“On the upside, the 24,000–24,100 range continues to act as a strong resistance band, and only a sustained move above this zone could revive bullish momentum toward the 24,200 levels,” an analyst stated.

Among the top losers on the Nifty were Oil and Natural Gas Corporation, HDFC Bank and HDFC Life Insurance, with financial stocks remaining under pressure throughout the session.

On the gaining side, Power Grid Corporation of India, Eternal and NTPC rose more than 2 per cent each among Sensex constituents.

Other notable gainers included Tata Steel, IndiGo, Maruti Suzuki, Titan Company and Asian Paints.

The broader Nifty also closed marginally lower, falling 6.55 points, or 0.03 per cent, to end at 23,907.15.

Market sentiment remained subdued as investors monitored developments related to the United States and Iran.

Reports of US strikes in southern Iran on Tuesday, despite ongoing negotiations and expectations of a possible deal between Washington and Tehran, added to concerns over the fragile geopolitical environment.