Sensex, Nifty snap four-day winning streak on profit booking; IT stocks cushion losses

New Delhi: Indian equity benchmark indices ended lower on Tuesday, snapping a four-session winning streak as late-session profit booking outweighed gains in information technology stocks amid a lack of fresh market triggers. The NSE Sensex fell 104.35 points, or 0.13 per cent, to close at 78,180.72, while the NSE Nifty 50 declined 31.65 points, or 0.13 per cent, to settle at 24,398.70. Both indices had gained around 2.4 per cent over the previous four trading sessions and were trading near their 10-week highs touched on Monday. Markets remained largely positive through most of the session, supported by encouraging pre-quarter business updates, lower crude oil prices, steady monsoon progress and continued foreign portfolio investor (FPI) buying. However, profit booking in the final half hour dragged the benchmarks into negative territory. IT shines ahead of earnings season The Nifty IT index jumped 2.4 per cent, extending its gains for July to 6.2 per cent, as easing expectations of further US interest rate hikes improved sentiment towards technology stocks. Investor focus has now shifted to the June quarter earnings season, with Tata Consultancy Services (TCS), India's largest IT services company, scheduled to announce its results on Thursday. Reliance, banks drag benchmarks Among heavyweight stocks, Reliance Industries declined 1.23 per cent after two sessions of gains, while ICICI Bank slipped 0.9 per cent, ending its four-day winning streak. Fashion retailer Trent plunged 12.4 per cent after reporting weaker-than-expected standalone revenue growth for the June quarter. In contrast, Titan rose 2.7 per cent after reporting a 41 per cent year-on-year growth in its consumer business during the first quarter. Broader market under pressure Market breadth remained weak, with 12 of the 16 sectoral indices ending in the red. The Nifty Smallcap index fell about 0.6 per cent, while the Nifty Midcap index declined around 0.3 per cent. Despite Tuesday's decline, sentiment remains supported by sustained FPI inflows over the past three trading sessions, easing crude oil prices and expectations of healthy corporate earnings, with investors now awaiting quarterly results for further market direction.