The Indian stock market faced significant losses on Tuesday, with both the Sensex and Nifty closing notably lower. The Sensex concluded at 82,180.47, down 1,065.71 points, while the Nifty settled at 25,232.5, slipping 353 points. Analysts noted that the market appeared to be heading towards the 200-DMA, with immediate support around 25,100–25,150.
Selling pressure was evident across major stocks, leading to a red finish for all Sensex constituents except HDFC Bank. Stocks like Bajaj Finance, Eternal, Sun Pharma, and IndiGo were among the key losers dragging the indices down. Additionally, Trent, Asian Paints, Mahindra and Mahindra, Bajaj Finserv, Tata Steel, and Tech Mahindra were among the major losers on the Sensex.
The broader market witnessed sharper declines compared to the benchmark indices, with the Nifty Midcap index dropping 2.62% and the Nifty Smallcap index slipping 2.85%. Sectoral performance was weak, with all major indices closing lower. Notably, the Nifty Realty index saw a significant plunge of over 5%, followed by Nifty Auto and Nifty IT, which fell 2.56% and 2.06%, respectively.
Investor nervousness was highlighted by the sharp market fall amidst uncertain global cues and cautious positioning ahead of more corporate earnings announcements. Moreover, the Rupee remained stable near 90.90 amidst geopolitical tensions among NATO members and uncertainties surrounding US interests in Greenland’s rare-earth resources. Experts anticipate the currency to trade between 90.45 and 91.45 in the near term, with market sentiment awaiting triggers from the upcoming Union Budget and the US Fed’s policy decision.
