Sensex Falls 778 Points, Nifty Drops 280 Points in Broad Market Sell-Off
Mumbai — Indian benchmark stock indices closed sharply lower Tuesday as selling intensified late in the session, with rising oil prices weighing on investor sentiment and metal, real estate and chemical shares coming under heavy pressure.
The Sensex fell 777.94 points, or 1.04 percent, to close at 74,003.82, while the Nifty declined 279.50 points, or 1.19 percent, to 23,118.60.
Market experts said the Nifty decisively broke below the 23,300 support level and is now approaching the psychologically important 23,000 mark.
“A sustained break below 23,000 could expose the index to further weakness towards 22,800, while 23,300–23,500 is likely to act as the first resistance band on any recovery,” a market expert said.
Selling was broad-based, with several heavyweight stocks ending lower. Bharat Electronics, Shriram Finance and IndiGo were among the biggest losers on the Nifty.
Broader markets performed even worse than the benchmark indices, reflecting increased risk aversion among investors. The Nifty MidCap index fell 2.12 percent, while the Nifty SmallCap index dropped 2.43 percent.
Most sectoral indices also ended in negative territory. The Nifty Realty index plunged 4 percent, making it the worst-performing sector of the session, followed by the Nifty Chemical index.
Information technology stocks, however, moved against the broader trend. The Nifty IT index was the only sectoral index to close higher, gaining about 2 percent.
Bank Nifty also slipped below the 56,000 level, putting focus on the next support level near 55,500.
“The index now faces resistance in the 56,000–56,500 region,” market watchers said. (Source: IANS)
