Sensex ends 422 points down, Nifty below 23,350 over weak global sentiment

Mumbai, Nov 21 (SocialNews.XYZ) Indian equity indices closed in the red on Thursday as sentiment around the globe was weakened due to rising tensions between Russia and Ukraine.

The domestic market faced renewed pressure due to escalating tensions in the Russia-Ukraine conflict and heightened nuclear concerns, according to market experts.

At closing, Sensex was down 422 points or 0.54 per cent at 77,155 and Nifty was down 168 points or 0.72 per cent at 23,349.

The market trend was negative. On the Bombay Stock Exchange (BSE), 1,235 stocks closed in the green, 2,735 in the red, and 95 remained unchanged.

Along with large caps, midcaps and small caps shares also witnessed a decline. The Nifty Midcap 100 index fell 162 points or 0.30 per cent to close at 54,385 and the Nifty Smallcap 100 index fell 80 points or 0.46 per cent to close at 17,596.

Among the sectoral indices, auto, PSU Bank, financial services, pharma, FMCG, metal and energy were top laggards. IT and realty were major gainers.

In the Sensex pack, Power Grid, UltraTech Cement, HCL Tech, Kotak Mahindra Bank, Axis Bank, TCS, ICICI Bank, and Infosys were the top gainers. SBI, NTPC, ITC, Asian Paints, Bajaj Finance, Bajaj Finserv, Reliance Industries, IndusInd Bank, Titan, Tata Motors, and HUL were the top losers.

According to Rupak De from LKP Securities, in the short term, sentiment remains weak, with support placed at 23,200.

"A fall below this level could trigger a correction in the market. On the upside, resistance is placed at 23,550 and a decisive move above this level might induce a rally in the market," De added.

Meanwhile, the rupee weakened further to 84.51 as pressure mounted due to the dollar scaling higher above 106.65 amid renewed global uncertainties. Gold prices surged higher as geopolitical tensions reignited safe-haven demand, with renewed concerns over nuclear risks in the Russia-Ukraine conflict.

Source: IANS