MUMBAI — Indian equity markets closed lower on Tuesday as renewed selling in information technology and metal shares erased early gains, tracking weak global cues and subdued investor sentiment ahead of the holiday-shortened week.
After opening in positive territory, the Sensex reversed course and ended 519.34 points, or 0.62 percent, lower at 83,459.15. The Nifty also slipped 165.70 points, or 0.64 percent, to close at 25,597.65. During the session, the benchmark briefly rose 0.11 percent before turning negative.
“The Nifty continued its pattern of lower highs and lower lows, slipping below the 25,600 mark,” analysts said. “Momentum indicators and oscillators have given a sell crossover on the daily chart, suggesting that short-term weakness is likely to persist.”
They added that immediate support lies near the 21-day moving average around 25,570, followed by psychological support at 25,500. A decisive move above 25,800, however, could negate the bearish setup and open the path for renewed upside.
Among Sensex constituents, Power Grid, Eternal, Tata Motors Passenger Vehicles, Tata Steel, and Maruti Suzuki were among the top losers. Titan, Bharti Airtel, Bajaj Finance, Mahindra & Mahindra, and State Bank of India managed to advance despite the broader decline.
Broader markets also mirrored the downtrend, with the Nifty Midcap 100 falling 0.42 percent and the Nifty SmallCap 100 slipping 0.82 percent. Sectorally, Nifty Consumer Durables was the only index to finish in positive territory, gaining 0.39 percent. The Nifty Metal index led the losses with a 1.44 percent drop, followed by Auto at 0.86 percent and IT at 0.06 percent.
Analysts attributed the day’s weakness to global market volatility and profit-taking in key heavyweights. “Indian equity markets ended lower, tracking weak global cues and broad-based selling across IT, metal, and power sectors. Investor sentiment remained cautious ahead of the festive break,” market observers said. (Source: IANS)
