MUMBAI, India — Indian equity benchmark indices fell for a second consecutive session on Tuesday, dragged lower by sharp losses in heavyweight stocks such as Reliance Industries and Trent, which kept overall market sentiment under pressure throughout the day.
The Nifty closed at 26,178.70, down 71.6 points, or 0.27 percent. Analysts said the index remains in a short-term consolidation phase amid tariff-related and geopolitical uncertainties, though it continues to hold above the key 26,100–26,000 support zone, which aligns with the 20-day exponential moving average and a key psychological level.
A decisive break below 26,000 could increase downside risk toward the 25,900–25,800 range, particularly if global risk sentiment weakens further, according to market participants.
The Sensex also ended lower, closing at 85,063.34, down 376.28 points, or 0.44 percent.
Shares of Reliance Industries recorded their steepest intraday decline in more than eight months, falling over 4 percent. The stock came under pressure following reports that brokerage firm CLSA removed Reliance from its India model portfolio.
Trent shares saw even steeper losses, plunging around 9 percent after the company released its third-quarter business update, which failed to meet investor expectations.
Other major losers on the Sensex included Kotak Mahindra Bank, ITC, and HDFC Bank.
Some support came from ICICI Bank, Sun Pharmaceutical Industries, Hindustan Unilever, State Bank of India, and Tata Consultancy Services, all of which ended the session in positive territory.
Broader markets also remained weak. The Nifty Midcap 100 slipped 0.19 percent, while the Nifty Smallcap 100 declined 0.22 percent, reflecting cautious sentiment beyond frontline stocks.
On the sectoral front, the Nifty Oil and Gas index was the worst performer, falling 1.75 percent. Media and chemicals stocks also traded lower. In contrast, healthcare and pharmaceutical stocks outperformed the broader market, emerging as the top sectoral gainers amid selective buying.
Meanwhile, the Indian rupee strengthened after four consecutive sessions of decline. Analysts said the move appeared largely tactical, driven by dollar supply from foreign banks and a tentative return of foreign fund inflows.
Market participants noted that the trend for the spot USD-INR remains neutral to bullish as long as it stays above the 89.90 level. (Source: IANS)
