Mumbai, Feb 12 || Indian stock markets ended lower on Thursday as heavy selling in major IT stocks pulled the benchmark indices into negative territory.
Weak sentiment in the technology sector outweighed gains seen in select banking and finance stocks.
The Sensex closed at 83,674.92, slipping 558.72 points, or 0.66 per cent. Meanwhile, the Nifty settled at 25,807.2, down 146.65 points, or 0.57 per cent, from the previous close.
“As long as Nifty trades below the 25,840–25,900 resistance band and remains within the downward sloping channel, the short-term bias stays negative, with immediate downside risk toward 25,750 and possible extension toward 25,700,” an analyst said.
“Only a strong reclaim above 25,950 would neutralize the prevailing bearish structure,” according to the expert.
IT stocks were the biggest drag on the market. Shares of Tech Mahindra, Infosys, TCS and HCL Tech saw strong selling pressure and featured among the top losers on the BSE.
Auto major Mahindra & Mahindra also ended the session in the red. In contrast, a few stocks managed to move higher despite the weak market mood.