Sensex, Nifty Fall for Second Straight Session as Bank, Auto Stocks Weigh
Mumbai — Indian benchmark stock indexes ended lower for a second consecutive session Tuesday, pressured by weakness in banking, automobile, real estate and healthcare shares amid renewed tensions between the United States and Iran.
The 30-share Sensex slipped 12.99 points, or 0.02%, to close at 76,944.28, while the broader Nifty fell 24.60 points, or 0.1%, to 24,055.80.
Market analysts said the 24,150 to 24,200 range is likely to act as immediate resistance for the Nifty.
“A sustained move above 24,200 would be required to stabilize the index and support a recovery towards the broader 24,300–24,400 resistance band. Until the index decisively reclaims these levels, selling pressure at higher levels is likely to persist,” a market expert said.
On the downside, analysts said sustained trading below the psychologically important 24,000 level could push the index toward the 23,900 to 23,800 range.
Among Nifty stocks, Shriram Finance, Maruti Suzuki India and InterGlobe Aviation were among the biggest decliners.
Broader markets also weakened, with the Nifty MidCap index falling 1.39% and the Nifty SmallCap index declining 0.23%.
Sector performance was mixed. The healthcare, auto, real estate and pharmaceutical indexes underperformed the broader market, while FMCG and information technology shares provided some support.
Analysts said investors remained cautious as renewed U.S.-Iran tensions added to concerns about global economic conditions and kept market volatility elevated.
“In the near term, market trends are likely to be driven by developments in energy markets, global monetary policy expectations, and capital flows into emerging economies,” a market expert said. (Source: IANS)
