Mumbai, July 10 (UNI) Indian equity benchmarks ended lower today amid broad-based profit booking on the day of weekly F&O expiry, with the Nifty slipping toward the 25,350 mark, dragged by weakness across most sectors, even as positive global cues failed to lift investor sentiment.
The lack of clarity on the India–US mini trade deal and caution ahead of corporate earnings weighed on risk appetite.
At close, the BSE Sensex declined 345.80 points, or 0.41 percent, to settle at 83,190.28, while the NSE Nifty fell 120.85 points, or 0.47 percent, to 25,355.25.
The broader market also witnessed pressure, with the Nifty Midcap and Smallcap indices shedding 0.3 percent each.
Sectorally, Metals and Realty were the only pockets of strength. Pharma, Telecom, IT, PSU Banks and FMCG stocks came under pressure, each losing around half a percent. The market breadth remained weak, indicating cautious sentiment amidst heightened global and domestic uncertainty.
According to Bajaj Broking Research, the Nifty formed a sizable bearish candle on the daily chart, with a lower high and lower low, signalling a corrective bias. The index failed to hold above the 25,500 level and closed near the lower end of its recent five-session range of 25,600–25,300.
Analysts expect this consolidation to persist in the near term, with a decisive breakout above 25,600 required to trigger fresh upside towards 25,800. Structurally, the broader trend remains positive, with key positional support pegged at 25,200–25,000.
“We continue to maintain a ‘buy-on-dips’ strategy as long as the index holds above this support zone,” the note added.
The Bank Nifty also formed a bearish engulfing candle, erasing the previous two sessions’ gains and indicating profit-booking at higher levels. The index has been consolidating in the 56,500–57,600 range, in line with expectations.
Bajaj Broking expects further consolidation unless the index breaks above 57,600, which could open the path to 58,200–58,500 levels. The 56,000–55,500 zone acts as critical near-term support, coinciding with the 50-day EMA and key retracement levels. The outlook remains constructive, with any dips offering buying opportunities.
