Nifty Falls Below 25,450 Amid Expiry Day Sell-Off, IT Stocks Lead Decline

Indian Stock Market Sees Sharp Decline on February 24

The Indian benchmark indices, Nifty and Sensex, ended sharply lower on February 24, snapping a two-day gaining streak. The Nifty closed at 25,424.65, down 288.35 points or 1.12%, while the Sensex was down 1,068.74 points or 1.28% at 82,225.92.

The broader market also saw a decline, with the Nifty Midcap index shedding 0.3% and the Smallcap index falling 0.55%. The IT index was the worst hit, plunging more than 4%, while the realty index declined over 2%. However, metal, pharma, PSU Bank, oil & gas, and energy sectors rose 0.3-1%.

Top losers included Tech Mahindra, Eternal, Infosys, TCS, and HCL Technologies, while HUL, Hindalco Industries, Coal India, NTPC, and JSW Steel were among the gainers.

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In stock-specific action, Bharti Airtel share price fell 2% on a Rs 20,000 crore investment in Airtel Money, while Eris Lifesciences shares rose 2.7% on a partnership with Natco Pharma.

52-week highs were recorded by 90 stocks, including Bank of Maharashtra, Hitachi Energy, and NTPC, while nearly 350 stocks touched their 52-week low, including LT Technology and KPIT Technologies.

Technical analysis suggests that the Nifty has retested its crucial support near 25,400, and a decisive break below this level could trigger a decline towards 25,245, followed by a major support area around 25,100. On the upside, the 25,600-25,800 zone is likely to act as an immediate hurdle.

Key support and resistance levels for the Nifty are placed in the 25370-25350 zone and the 25600-25650 zone, respectively.

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