Mumbai: Indian stock markets ended lower on Monday, September 7, with the Sensex and Nifty falling 0.5% each as selling in IT, metal and PSU bank stocks weighed on sentiment. Geopolitical tensions, volatile crude oil prices and concerns over monetary tightening also kept investors cautious. The BSE Sensex dropped 382.62 points, or 0.5%, to close at 76,132.81. The NSE Nifty 50 declined 118.55 points, or 0.5%, to settle at 23,779.15.IT, Metal Stocks Lead DeclineSelling pressure was visible across several heavyweight stocks. Infosys, SBI Life Insurance Company and HDFC Life Insurance Company were among the biggest losers on the Nifty.Sectorally, Nifty IT and metal stocks witnessed significant selling, while PSU bank, realty and media shares also underperformed.

Pharma and healthcare stocks, however, bucked the weak market trend and provided some support.
The broader market performance was mixed. The Nifty MidCap index declined 0.46%, while the Nifty SmallCap index managed to edge 0.02% higher.Nifty Faces Resistance Near 23,800On the technical front, market experts said the 23,800 level, which previously acted as an important support zone, could now emerge as immediate resistance for the Nifty.The 24,000 mark remains a key psychological hurdle. Unless the Nifty decisively moves above and sustains this level, selling pressure at higher levels could continue. On the downside, the 23,750-23,700 range remains an immediate support zone. A decisive close below these levels could increase selling pressure and push the benchmark towards the 23,600 level.Global Risks Keep Markets CautiousIndian equities continue to remain sensitive to global developments as investors assess geopolitical risks, fluctuations in crude oil prices and their possible impact on inflation.Concerns that persistent inflationary pressures could keep monetary conditions tighter also contributed to Monday’s cautious market sentiment.