Stock market ends lower as investors remain in selling mode

Mumbai (Maharashtra) [India], December 26 (ANI): The Indian stock market on Friday ended lower as investors remained in a selling mode.
At close, Sensex ended with a loss of 367 points, or 0.43 per cent, at 85,041.45, while the Nifty 50 settled at 26,042.30, down 100 points, or 0.38 per cent.
Among the sectors, losses were recorded in financials, IT, and select pharma names. Tech stocks were among the top laggards, with the Nifty IT index dropping another 1 per cent.
Coforge was the top loser on the IT index falling over 3%. Further, LTIMindtree, Mphasis, Tech Mahindra, Tata Consultancy Services (TCS) and HCL Technologies shares fell over 1 per cent.
Indian Stock Market opened lower signalling the absence of a traditional Santa rally in the Indian markets amid weak momentum and continued foreign fund outflows.
Nifty 50 index opened at 26,121.25, slipping marginally by 20.85 points or 0.08 per cent, while the BSE Sensex began the session at 85,225.28, declining by 183.42 points or 0.21 per cent.
Vinod Nair, Head of Research, Geojit Investments Limited said, "Domestic equities ended lower today as thin year-end trading volumes and a cautious mood ahead of upcoming earnings prompted broad-based profit booking. The optimism around the Santa Claus rally has diminished amid the absence of fresh catalysts, such as progress on a possible US-India trade agreement, while continued FII outflows weighed on the Indian rupee."
"Large-cap stocks underperformed mid- and small-cap counterparts, though selective strength persisted in metals and consumer durable stocks, while IT, autos, and banks, witnessed sustained selling pressure," he added.
Ponmudi R, CEO of Enrich Money said, "Overall, Indian equity markets traded with a cautious, mildly negative bias as thin year-end volumes, the absence of strong global triggers, and continued foreign investor outflows kept sentiment restrained. Investors engaged in selective profit booking across sectors such as IT, real estate, and energy, while resilience in select few banking and metal stocks helped limit broader downside."
"Notably, the railway sector outperformed, reflecting investor confidence in sustained government capital expenditure, strong order inflows, and long-term visibility on infrastructure spending."
Rupak De, Senior Technical Analyst at LKP Securities said, "The Nifty continues to remain weak as the index has slipped below the 21 EMA on the hourly chart, indicating a rise in bearish bets after two days of rangebound phase in recent sessions. The RSI is in a bearish crossover and trending lower, reflecting weakening momentum. During the session, the Nifty found support near the 26,000 level, where the 21 EMA is currently placed. In the near term, the trend may improve and retrace towards 26,200 and higher, provided 26,000 holds decisively. However, a sustained move below 26,000 could trigger further weakness in the market." (ANI)