Nifty, Sensex Snap Three-Day Rally To Close Lower As IT Stocks Drag: Market Wrap

India’s benchmark inventory indices snapped their three-day rally to shut marginally decrease on Tuesday on possible revenue reserving after indices hit a recent report excessive within the earlier session.

Info expertise shares got here beneath strain as hope of an earlier price reduce by the Fed waned following the discharge of financial information within the US. Mid- and small-cap banks led outperformance within the broader indices.

The NSE Nifty 50 ended 8.70 factors, or 0.04%, decrease at 22,453.30, whereas the S&P BSE Sensex fell 110.64 factors, or 0.15%, to shut at 73,903.91.

The market has been witnessing range-bound exercise for the final two days, mentioned Shrikant Chouhan, head of fairness analysis at Kotak Securities Ltd.

“For the merchants, 22,350/73,700 and 22,500/74,100 would act as key ranges for Nifty and Sensex, respectively, to observe,” he mentioned. “On the upper aspect, above 22,500/74,100, the market might rally until 22,600-22,650/74,500-74,600. On the flip aspect, dismissal of 22,350/73,700 might speed up the promoting strain.”

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