Mumbai– The Indian stock market ended Tuesday’s session in negative territory, weighed down by profit booking, high valuations, and weakness in broader Asian markets.
The benchmark Sensex fell 624.82 points, or 0.76%, to close at 81,551.63, while the Nifty dropped 174.95 points, or 0.70%, to settle at 24,826.20.
The decline was led by sectors including FMCG, IT, auto, and metals. The Nifty FMCG index slid 0.88%, Nifty IT dropped 0.75%, Nifty Auto slipped 0.70%, and Nifty Financial Services declined 0.64%.
Unlike their large-cap counterparts, small- and mid-cap stocks bucked the trend. The Nifty Midcap 100 index gained 87.25 points, or 0.15%, to close at 57,154.50, while the Nifty Smallcap 100 index rose 17.35 points, or 0.10%, to end at 17,725.15.
“The Nifty has been consolidating for the past 10–11 sessions, creating a sense of indecision among investors. Despite this, the overall trend remains positive, with the index holding above its short-term moving average,” said Rupak De, Senior Technical Analyst at LKP Securities. He added that Nifty has the potential to test the 25,000–25,150 range in the near term, with support around 24,700.
Tuesday’s session was marked by volatility, with sharp swings in both directions as bulls and bears battled for control.
Sectoral performance was mixed. PSU banks and real estate stocks showed strength, while consumer goods, IT, auto, consumption, and financial services lagged behind.
“Today’s market action was a textbook case of investor indecision, with strong moves from both bulls and bears,” said Sundar Kewat of Ashika Institutional Equity.
Mid- and small-cap segments remained relatively resilient, buoyed by better-than-expected fourth-quarter earnings and a moderation in their previously high valuations, noted Vinod Nair, Head of Research at Geojit Financial Services.
On the currency front, Dilip Parmar of HDFC Securities said the rupee could come under pressure in the near term. “The spot USD-INR pair is likely to rise incrementally due to month-end demand from oil importers and adjustment flows. The pair faces resistance at 85.90 and support at 84.80,” he said. (Source: IANS)
