Indian benchmarks slip as banks drag, metals and IT gain

Benchmark indices Sensex and Nifty ended lower on Monday, reversing early gains as banking stocks weighed on the frontline indices. The Nifty 50 fell 32.95 points, or 0.14%, to close at 24,219.05, while the Sensex declined 171.72 points, or 0.22%, to settle at 77,369.11, according to The Hindu. Thehindubusinessline.com reported a sharper intraday fall, with the Nifty at 24,184.35 and Sensex at 77,294.58 by 12.50 pm, as selling pressure hit heavyweight banking counters.

Metal and IT stocks bucked the trend. Hindalco led gainers, rising 1.94%, while Infosys advanced 1.29%. On the losing side, Adani Ports fell 1.46% and State Bank of India dropped 1.40%. Ndtvprofit.com noted that market breadth remained positive, with 2,330 advancing stocks on the BSE against 1,565 declines. Analysts cited simmering US-Iran tensions and elevated crude oil prices as dampening risk appetite, with fresh US sanctions on Iran expected later in the day.

The broader market showed relative strength, with the Nifty Smallcap Index hitting a fresh intraday high. Thehindubusinessline.com identified 24,160-24,140 as a crucial support zone for the Nifty, while ndtvprofit.com placed support in the 24,000-24,200 range. FIIs offloaded equities worth Rs 542.71 crore on Friday, as per The Hindu.