Stock Market Today: Sensex Falls 383 Points, Nifty Slips 119 Points

Stock Market , 7 Sep : Sensex, Nifty indices closed lower on Monday as intense selling hit IT, metal, PSU bank and media stocks.

Persistent geopolitical tensions, unstable oil prices and concerns over monetary tightening also dampened sentiment.

The Sensex slipped 382.62 points, or 0.5 per cent, to settle at 76,132.81. The Nifty shed 118.55 points, or 0.5 per cent, to finish at 23,779.15.

Market experts said 23,800, once a crucial support level, could now act as immediate resistance.

The 24,000 mark remains the key psychological barrier. Unless the Nifty decisively crosses and sustains above it, selling pressure may continue.

On the downside, analysts identified 23,750–23,700 as immediate support. A firm close below this range could deepen losses and push the index towards 23,600.

Infosys, SBI Life Insurance Company and HDFC Life Insurance Company emerged among the biggest Nifty laggards.

The broader market also remained subdued. The Nifty MidCap index declined 0.46 per cent, while the Nifty SmallCap index edged up 0.02 per cent.

IT and metal stocks faced pronounced weakness. PSU banks, realty and media shares also underperformed. Pharma and healthcare stocks, however, outperformed and offered some respite.

Investors continued to monitor global developments, crude oil movements and inflation risks.

Market participants remained cautious about their potential economic impact and the possibility of tighter monetary conditions.