Sensex Falls 715 Points as Realty and State-Owned Banks Weigh on Markets
Mumbai–Indian equity markets ended sharply lower Tuesday, extending their losses for a third consecutive session as selling in real estate and state-owned banking stocks combined with rising crude oil prices to weaken investor sentiment.
The benchmark Sensex fell 715.06 points, or 0.92%, to close at 76,755.05. The Nifty declined 191.45 points, or 0.79%, to settle at 23,996.25, slipping below the key 24,000 level.
Market analysts said 24,200 has emerged as an important resistance level for the Nifty in the coming sessions.
“A sustained move above this level will be essential to revive bullish momentum and improve the near-term technical structure,” an analyst said.
On the downside, analysts warned that a decisive break below 24,000 could trigger further selling and push the index toward the 23,900-to-23,800 support range.
Investor caution increased as tensions in West Asia drove crude oil prices higher, fueling concerns about inflation and the potential effect on India’s economy.
InterGlobe Aviation, Dr. Reddy’s Laboratories and Jio Financial Services were among the biggest losers on the Nifty.
Broader markets also came under pressure. The Nifty MidCap index declined 1.09%, while the Nifty SmallCap index fell 1.54%.
Real estate and media stocks led the sectoral losses, with the Nifty Realty and Nifty Media indexes each falling 2.6%. Information technology, pharmaceutical and private banking stocks declined by about 1% each.
Analysts said strong corporate earnings from several companies, including major automakers, were overshadowed by broader economic concerns.
“While several companies reported stronger-than-expected results, including robust earnings from leading automakers, investor attention remained firmly on the macro backdrop as higher crude oil prices and renewed concerns over potential U.S. tariffs on pharmaceutical imports weighed on sentiment,” analysts said. (Source: IANS)
