Mumbai, July 23 (SocialNews.XYZ) Indian equity benchmark indices extended their losing streak for a fourth consecutive session on Thursday as rising crude oil prices, triggered by fresh escalation in tensions between the United States and Iran, weighed on investor sentiment.
The Sensex declined 364 points, or 0.47 per cent, to close at 76,391.39, while the Nifty fell 127 points, or 0.53 per cent, to settle at 23,869.60.
Commenting on Nifty technical outlook, experts said that the 24,000 mark, which previously acted as a key support, has now turned into the immediate resistance and is reinforced by the highest Call Open Interest (OI) at the 24,000 strike.
“A stronger resistance is placed near 24,200,” a market expert mentioned.
“On the downside, the 23,800 zone remains the immediate support, backed by a secondary Put OI cluster, while a decisive break below this level could accelerate selling pressure towards 23,700, followed by the 23,500 zone, where the highest Put OI is currently concentrated,” an analyst stated.
The weakness was broad-based, with banking, real estate and oil-linked stocks coming under selling pressure.
Sectorally, the Nifty Realty index emerged as the biggest loser, dropping 1.81 per cent, followed by the Nifty PSU Bank index, which slipped 1 per cent, and the Nifty Bank index, down 0.94 per cent.
The Nifty Chemical and Nifty Oil and Gas indices also ended lower amid concerns over rising energy costs.
In contrast, the Nifty Auto index outperformed the broader market, gaining 0.70 per cent, while the Nifty Media index also ended in positive territory.
Within the Nifty pack, Nestle India and Shriram Finance were among the top laggards of the session.
Among the Sensex constituents, Bajaj Finance, IndiGo, Axis Bank and Reliance Industries featured among the major losers.
On the gaining side, Mahindra & Mahindra, Tata Consultancy Services (TCS), Eternal, HCL Technologies and Bajaj Finserv were the top performers.
Experts said that the market sentiment remained cautious as investors assessed the implications of escalating geopolitical tensions in the Middle East, with higher crude oil prices raising concerns over inflation and their potential impact on corporate earnings and the broader economy.
Source: IANS
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