Mumbai, Aug 11 (IANS) Benchmark equity indices ended lower on Tuesday, weighed down by losses in realty, FMCG and cement stocks amid investor caution over signs of an impasse in negotiations between the United States and Iran.
The Sensex declined 388.19 points, or 0.49 per cent, to settle at 78,154.25. The Nifty also ended lower, falling 112.10 points, or 0.46 per cent, to close at 24,471.70.
Commenting on Nifty technical outlook, experts said that the 24,400 zone now emerges as the immediate support area, and a decisive break below this level could pave the way for a further decline toward the 24,300 mark.
“On the upside, 24,500 is likely to act as the immediate resistance, having shifted from a key support level,” a market expert stated.
“The broader 24,600–24,700 zone remains the stronger hurdle, and a sustained breakout above 24,700 would be required to revive bullish momentum,” an analyst added.
Market participants remained cautious amid geopolitical uncertainties after indications emerged that progress in negotiations between the United States and Iran had stalled, raising concerns about energy markets and global risk sentiment.
Among the Nifty constituents, Tata Consumer Products, Max Healthcare Institute and UltraTech Cement figured among the top losers of the session, contributing to the broader weakness in the benchmark indices.
The broader market displayed resilience despite the benchmark decline. The Nifty MidCap index edged down just 0.02 per cent, while the Nifty SmallCap index outperformed, gaining 0.22 per cent during the session.
On the sectoral front, the Nifty Cement index led the losses, followed by the Nifty FMCG, Nifty Realty and Nifty Metal indices. Selling pressure in these sectors weighed heavily on overall market performance.
In contrast, pharmaceutical stocks bucked the broader trend, with the Nifty Pharma index emerging as the top-performing sector of the day as investors rotated into defensive counters.
“Market attention now shifts to the US Consumer Price Index (CPI) data due on Wednesday, which is expected to provide fresh direction for global interest-rate expectations and broader market sentiment,” a market expert stated.
–IANS
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