Despite a robust start with Sensex soaring over 900 points in the morning trade, Indian benchmark indices ended slightly lower on Tuesday as investors exercised caution due to ongoing global uncertainties.
The Sensex closed at 78,593, down by 166 points, while the Nifty ended at 23,992, a decrease of 63 points.
Nifty Bank lost 321 points to close at 49,770.
The Nifty 50 saw a mixed performance with 21 stocks in the green and 29 in the red.
Among other Asian markets, Japanese shares experienced a significant rebound.
The Nikkei 225 stock index surged by 10.23%, or 3,217 points, marking its largest one-day gain.
European markets, including the FTSE 100 and stock exchanges in Paris and Frankfurt, remained steady.
In the Indian market, the BSE Midcap index fell by 0.71%, while the Smallcap index declined by 0.57%.
Top gainers on the Nifty included Adani Ports, Britannia Industries, HUL, HCL Technologies, and Cipla. Conversely, HDFC Life, SBI Life, and BPCL were among the top losers.
The Indian rupee hit a new low, ending at 83.95 per dollar, down from Monday’s close of 83.84.
Market analysts attributed the day’s decline to a correction following the initial recovery in equities, which had responded to the global market downturn on Monday.
They observed that the drop in the Volatility Index (VIX) is unlikely to sustain, indicating that the Indian market remains sensitive to global developments.
Experts suggested that fears of a US recession might be premature and exaggerated, advising investors not to panic.
On Monday, the Sensex had plummeted by 2,222 points, or 2.74%, closing at 78,759, while the Nifty fell by 662 points, or 2.68%, ending at 24,055.
Despite these fluctuations, global brokerages maintained that the Indian benchmark indices exhibit greater resilience amid the US economic slowdown.
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