Mumbai, July 20: The Indian stock market closed in the red on Monday due to ongoing tensions in the Middle East. By the end of the trading session, the Sensex fell by 442.93 points or 0.57 percent to 77,708.52, while the Nifty dropped by 95.80 points or 0.39 percent to 24,238.50.
Financial stocks led the decline, with Nifty Private Bank down by 2.27 percent and Nifty Financial Services falling by 1.22 percent. Other sectors such as Nifty Services, Nifty Auto, Nifty IT, and Nifty Realty also closed in the negative.
Conversely, Nifty PSU Bank, Nifty Pharma, Nifty Healthcare, Nifty Media, Nifty Commodities, Nifty Energy, Nifty PSE, Nifty Metal, Nifty Consumer Durables, and Nifty Infra ended the day in the green.
According to SBI Securities, the immediate resistance level for Nifty is in the 24,370-24,400 zone. If Nifty holds above this range, it could rise to 24,550 and then 24,700 in the short term. On the downside, immediate support for Nifty is seen in the 24,130-24,100 zone.
Among the gainers in the Sensex pack were Trent, Power Grid, NTPC, Bharti Airtel, SBI, UltraTech Cement, ICICI Bank, HCL Tech, Sun Pharma, ITC, L&T, Bajaj Finance, Tech Mahindra, Adani Ports, Titan, Tata Steel, Eternal, Asian Paints, and Bajaj Finserv. Losers included Axis Bank, HDFC Bank, Maruti Suzuki, Kotak Mahindra Bank, Infosys, TCS, M&M, Indigo, BEL, and HUL.
In contrast to large-cap stocks, buying was observed in mid-cap and small-cap segments. The Nifty Midcap 100 index rose by 373.70 points or 0.60 percent to 62,801.75, while the Nifty Smallcap 100 index gained 30.15 points or 0.16 percent to 19,326.45.
Experts attribute the market decline to the ongoing tensions in the Middle East, which have kept crude oil prices consistently above $85.
My name is Kuldeep Singh Chundawat. I am an experienced content writer with several years of expertise in the field. Currently, I contribute to Daily Kiran, creating engaging and informative content across a variety of categories including technology, health, travel, education, and automobiles. My goal is to deliver accurate, insightful, and captivating information through my words to help readers stay informed and empowered.
