Nifty index falls for third session as metal stocks weigh on market

The Indian benchmark stock indexes showed mixed performance as the Nifty extended its losing streak for a third consecutive session. The Nifty declined by 40.10 points, or 0.16%, to settle at 24,395.85, pressured largely by weakness in metal and heavyweight stocks including Hindalco Industries, UltraTech Cement, and Grasim Industries. In contrast, the Sensex rose 113.61 points, or 0.15%, to close at 78,079.96.

Market analysts are monitoring key technical support levels near 24,325. While the Nifty Metal index was the weakest performer, falling over 1%, the Nifty Chemical index led sectoral gains. Broader markets, including the Nifty MidCap and SmallCap indices, showed resilience with slight gains.

Investors remain cautious due to uncertainties regarding energy prices, geopolitical developments, and foreign investment flows. Additionally, fluctuations in the Indian rupee and inflation data are influencing market sentiment and expectations regarding central bank policies.