Domestic benchmark equity indices ended sharply lower on Tuesday, extending losses for the third consecutive trading session, as selling in realty and PSU banking stocks, rising crude oil prices and persistent geopolitical tensions in West Asia dampened investor sentiment.
The BSE Sensex declined 715.06 points, or 0.92 per cent, to settle at 76,755.05, while the NSE Nifty50 fell 191.45 points, or 0.79 per cent, to close at 23,996.25, slipping below the key psychological level of 24,000.
Market participants remained cautious as escalating tensions in West Asia pushed crude oil prices higher, raising concerns over inflation and the potential impact on India’s economy. Investors also weighed the possibility of fresh US tariffs on pharmaceutical imports, which added to the negative sentiment.
According to market experts, the Nifty’s immediate technical outlook remains weak, with the 24,200 level emerging as a crucial resistance for the coming sessions.
“A sustained move above the 24,200 mark will be essential to revive bullish momentum and improve the near-term technical structure,” an analyst said.
On the downside, analysts warned that a decisive breach below the 24,000 mark could trigger fresh selling pressure, dragging the index towards the 23,900-23,800 support zone.
Among the Nifty50 stocks, InterGlobe Aviation, Dr. Reddy’s Laboratories and Jio Financial Services were among the top laggards during the session.
The broader markets also witnessed significant selling pressure. The Nifty MidCap index ended 1.09 per cent lower, while the Nifty SmallCap index fell 1.54 per cent.
Sectorally, the realty index emerged as the worst performer, dropping 2.6 per cent. The Nifty Media index also declined 2.6 per cent, while information technology, pharmaceutical and private banking stocks lost around 1 per cent each.
Analysts noted that although several companies, including leading automobile manufacturers, reported stronger-than-expected quarterly earnings, the positive corporate performance failed to lift market sentiment as investors remained focused on macroeconomic concerns.
Higher crude oil prices, geopolitical uncertainty in West Asia and renewed worries over potential US tariffs on pharmaceutical imports continued to overshadow earnings optimism, keeping equity markets under pressure.
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