Mumbai, Jan 19 (NationPress) The Indian stock indices closed in the negative on Monday as significant sell-offs in select large-cap stocks weighed heavily on the benchmarks, amidst a backdrop of cautious global indicators.

The downturn was primarily driven by stock-specific pressures following quarterly earnings reports from major corporations like Reliance Industries, ICICI Bank, and HDFC Bank, which contributed significantly to the market's decline.

At the session's conclusion, the Sensex settled at 83,246.18, reflecting a decrease of 324.17 points or 0.39 percent. Meanwhile, the Nifty closed at 25,585.5, down by 108.85 points or 0.42 percent.

The Nifty remained under bearish influence, consistently staying below the 20 EMA throughout the trading hours.

“Immediate support is identified at 25,494 (today’s low), with a deeper support zone between 25,400 and 25,350,” stated an expert.

“The intra-day movements indicate profit booking and a prevailing weakness, making the Nifty susceptible to further declines unless a robust recovery occurs above the 25,600 to 25,700 range,” according to the analyst.

Global market sentiment was weak during the trading session, following US President Donald Trump's threats to impose tariffs on several European nations.

This warning followed opposition from some European countries to his attempt to buy Greenland, adding further uncertainty to global markets and negatively impacting investor sentiment.

Sector-wise, the real estate, oil and gas, and media sectors experienced notable selling pressure. The Nifty Realty index dipped nearly 2 percent, while the Nifty Oil & Gas index fell by approximately 1.56 percent.

The Nifty Media index also saw a significant decline, closing down 1.84 percent. However, some defensive stocks managed to attract buying interest.

The Nifty FMCG index rose by 0.67 percent, buoyed by select consumer stocks, while the Nifty Auto index posted a slight gain of 0.13 percent.

In the broader market, overall weakness was evident as the Nifty Midcap 100 index ended 0.37 percent lower, and the Nifty Smallcap index underperformed, dropping 0.99 percent.

Analysts noted that market participants remained cautious amidst mixed corporate earnings and escalating global uncertainties, resulting in a subdued closing for Indian stocks.

“As the Q3 earnings season unfolds, expect stock-specific volatility, particularly where performances have been inconsistent,” the analyst remarked.

“Considering the combination of global uncertainties and domestic factors, the markets are likely to remain in a consolidation phase,” experts concluded.