Mumbai, May 19 || The Indian stock market began the week on a weak note as benchmark indices ended lower on Monday, mainly due to profit booking at higher levels.
The Sensex fell by 271.17 points, or 0.33 per cent, to close at 82,059.42. The Nifty also ended in negative territory, falling by 74.35 points or 0.30 per cent to settle at 24,944.85.
“Technically, the index appears to be in a consolidation phase, which may continue for the next few days. The index may remain under pressure unless it reclaims the 25,000 level,” Rupak De of LKP Securities said.
“On the downside, the Nifty could drift toward the 24,800–24,750 zone. A deeper correction may be likely if it breaks below 24,750. Conversely, a move above 25,000 could trigger a rally toward the 25,250–25,350 range," he added.
Several major stocks saw declines on the 30-share index, including Infosys, which slipped 1.95 per cent, and Tata Consultancy Services (TCS), which was down by 1.20 per cent.
Tech Mahindra dropped 1.19 per cent and Asian Paints lost nearly 1 per cent. Eternal (formerly Zomato) also declined around 3 per cent during the intra-day session.
Power Grid Corporation led the gainers with a rise of 1.27 per cent, followed by Bajaj Finance, which gained 0.91 per cent.
NTPC added 0.64 per cent, State Bank of India (SBI) rose 0.32 per cent, and HDFC Bank ended slightly higher with a 0.17 per cent gain.