Indian benchmark indices closed lower on Monday, September 7, marking the first trading session of the week, with the Sensex and Nifty 50 extending their losing streak to four consecutive weeks.
Investor sentiment remained subdued amid a fresh escalation in the US-Iran conflict, which pushed oil prices higher, along with other factors.The Sensex fell 383 points, or 0.50%, to close at 76,133, while the Nifty 50 declined 119 points, or 0.55%, to end at 23,779.Technically, the Nifty remained weak as it traded below the rising channel, indicating sustained selling pressure.
The index was also consolidating below the falling 50-day EMA, pointing to a strengthening bearish trend.According to Rupak De, senior technical analyst at LKP Securities, the momentum indicator RSI is falling deeper into the bearish zone, further confirming weak momentum.
In the near term, weakness is likely to continue, with the index potentially declining towards 23,700-23,620.
Resistance on the higher side is placed at 23,900.Against this backdrop, shares of Swiggy, Mahindra & Mahindra, REC, Adani Power, Bajaj Finserv and several other companies are likely to remain in focus on Tuesday following key corporate developments.SwiggySwiggy Networks, a wholly owned subsidiary of online food ordering and quick-commerce platform Swiggy, will sell its entire stake in Lynks Logistics to Singapore-based Trustroot Internet for about $52.4 million.The transaction involves 166,534 Series R compulsorily convertible preference shares and is expected to close by October 22, subject to agreed conditions.
