Daijiworld Media Network - Mumbai

Mumbai, Aug 26: Indian benchmark indices ended lower on Wednesday, weighed down by weakness in IT, FMCG and auto stocks as investors remained cautious ahead of key global market cues.

The Sensex declined 183.15 points, or 0.24 per cent, to 77,472.94, while the Nifty50 fell 126.80 points, or 0.52 per cent, to 24,207.75.

On the technical outlook for the Nifty, market experts identified the 24,400 region as the immediate and crucial resistance zone.

A sustained breakout above 24,400 could strengthen the index's technical structure and pave the way towards 24,500-24,600, an analyst said. Until such a breakout occurs, selling pressure at higher levels is likely to keep the index capped.

On the downside, 24,200 remains the immediate support level, followed by the stronger 24,100-24,000 zone. A decisive break below 24,150 could intensify selling pressure and expose the index to the psychologically important 24,000 level, the expert said.

Among Nifty constituents, Bharti Airtel, Power Grid Corporation of India and Infosys were among the biggest losers, adding to the pressure on the benchmark indices.

The IT sector recorded the sharpest decline among sectoral indices, while FMCG, auto and realty stocks also underperformed.

However, some sectors bucked the broader weakness. Nifty Metal, Nifty Private Bank and Nifty Cement outperformed, providing some support to the market.

The broader market remained mixed, with the Nifty MidCap index declining 0.1 per cent, while the Nifty SmallCap index gained 0.81 per cent.

Market experts said investors are likely to closely track upcoming global developments, particularly Nvidia's earnings and US inflation data, for cues on technology stocks, interest rates and global risk appetite.

Developments in West Asia will also remain an important factor for Indian markets, particularly because of their potential impact on crude oil prices and inflation, they added.