Indian equity benchmarks closed in negative territory after a volatile trading session, as sustained selling in information technology stocks outweighed gains in the banking sector. The benchmark Sensex declined 151 points to settle at 73,833, while the Nifty 50 fell 53 points to close at 23,162, slipping below the key 23,200 level.

Key Highlights

• IT stocks extended losses for seventh session, dragging benchmarks and broader markets lower.
• Banking shares provided support while midcap and defence stocks witnessed heavy selling.

Market sentiment remained subdued amid persistent weakness in technology counters. The Nifty IT index extended its losing streak to seven consecutive sessions, with all constituent stocks ending the day in the red. The prolonged decline in the technology sector continued to exert pressure on broader market performance, reflecting investor caution toward export-oriented companies.

Broader markets witnessed sharper losses than frontline indices. The Nifty Midcap index dropped 485 points, indicating significant selling pressure across mid-sized companies. Market breadth remained firmly negative, with the NSE advance-decline ratio at 1:3, suggesting that declining stocks significantly outnumbered gainers across the market.

Defence stocks emerged among the biggest laggards during the session. Shares of MTAR Technologies plunged more than 11% after the company faced a setback involving a key global client, triggering concerns over future business prospects and earnings visibility.

Despite the broader weakness, banking stocks offered some resilience. The Nifty Bank index managed to close 76 points higher at 55,177, supported by selective buying in major private and public sector lenders. The banking sector’s relative strength helped limit losses in the benchmark indices and provided a cushion against the sharp decline in technology and midcap stocks.

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Among individual stocks, Zee Entertainment Enterprises was one of the standout performers, surging over 9% after its board approved a Rs 2,300 crore fundraising plan. Investors reacted positively to the company’s efforts to strengthen its balance sheet and support future growth initiatives.

PPAP Automotive also attracted strong buying interest, with shares rallying 19% after the company announced a strategic partnership with France-based Hutchinson. The collaboration is expected to enhance the company’s product offerings and expand its presence in the automotive components segment.

Overall, Indian markets ended the day on a weak note as selling pressure in IT, defence, and broader market segments overshadowed gains in banking stocks. Investors will continue to monitor global cues, sector-specific developments, and corporate announcements for further market direction.