Indian equity markets declined on Tuesday as the Nifty snapped its four-day rising streak, pressured by selling in information technology and financial stocks despite gains in some metal, media and real estate shares.
The Sensex dropped 329.91 points, or 0.44%, closing at 74,529.08, while the Nifty slipped 85.30 points, or 0.36%, to end at 23,329.00. This downturn ended the Nifty’s recent uptrend as investors booked profits in major sectors.
Market experts highlighted that immediate resistance for the Nifty lies between 23,400 and 23,500, with support levels at 23,300 and 23,200. A clear break below 23,300 might fuel further selling pressure, possibly pushing the index toward the 23,200 zone.
IT and financial sectors were the main contributors to the decline, dragging down overall market sentiment. Key Nifty index losers included Trent, Tata Consumer Products and Tata Consultancy Services (TCS), all closing lower.
Broader market indices also recorded mild losses; the Nifty MidCap index fell 0.08%, and the Nifty SmallCap index declined 0.23%.
Sector-wise, the Nifty IT index was among the biggest losers, alongside declines in the Nifty PSU Bank and Nifty Pharma sectors. These losses neutralised gains registered in other segments.
Conversely, media, realty and metal stocks saw buying interest, with the Nifty Media, Realty and Metal indices emerging as top performers, limiting the overall market decline.
Despite the day’s downturn, experts noted investors continued seeking sector-specific opportunities, reallocating funds into selective market sectors while reducing exposure to IT and financial stocks.