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Nifty edges lower as IT and consumer stocks drag, metals rise

Nifty fell 0.5% and Sensex slipped 0.1%, while sector gains in banking and metals were offset by losses in technology and consumer goods.

Reported · Written up by our desk · Asia

India’s Nifty 50 closed down 0.52% at 24,207 and the Sensex fell 0.05% to 77,614 on August 26, as mixed trading left broader benchmarks slightly lower. The Nifty Midcap 100 inched down 0.10%, while the Nifty Smallcap 100 rose 0.81%.

Sector performance diverged, with cement, chemicals, private banks, and PSU banks among the top performers, while technology, FMCG, consumer durables, realty, and auto stocks lagged, according to LiveMint Markets. Geojit Investments Head of Research Vinod Nair said the market gave up some early gains as sectoral divergence weighed on the benchmarks.

Nair attributed some of the support to receding inflation concerns after tempered US sanctions on Iran helped ease domestic bond yields and lift banking stocks. He also pointed to a boost for metals tied to improved realization prospects, though he said gains were largely offset by weakness in IT stocks after the U.S. paused visa appointments amid an immigration crackdown.

Commodity and geopolitics were also in focus, with crude oil declining on hopes the Strait of Hormuz could reopen after Iran resumed talks with Oman on managing ship traffic, LiveMint Markets reported. Brent fell $1.6 to $86.98 a barrel, while metal stocks led, including Hindustan Zinc which jumped 5.7% to ₹626, and other metal names that finished higher, ranging from 2% to 5.6%.

Latest closeWTI crude $82.40 ▲1.4%|Brent $88.59 ▲1.8%|Sensex 78,079.96 ▲0.1%

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