Markets Extend Losses For Second Day As Reliance, Trent Drag Indices Lower

Indian equity benchmark indices extended their losing streak for a second consecutive session on Tuesday, pressured by heavy selling in key heavyweight stocks, particularly Reliance Industries and Trent, which kept market sentiment subdued throughout the day.

At the close, the Nifty settled at 26,178.70, declining 71.6 points or 0.27 per cent. Market participants remained cautious amid global uncertainties.

“The index remains in a short-term consolidation phase amid tariff-related and geopolitical uncertainties, while holding above the crucial 26,100–26,000 support zone, which coincides with the 20-day EMA and a key psychological level,” an analyst said.

“A decisive breakdown below 26,000 could increase downside risk toward the 25,900–25,800 region, particularly if global risk sentiment deteriorates further,” according to the analyst.

The Sensex also ended in the red, closing at 85,063.34, down 376.28 points or 0.44 per cent.

Reliance Industries shares recorded their sharpest intraday fall in more than eight months, sliding over 4 per cent. The stock came under significant selling pressure following reports that brokerage firm CLSA removed Reliance from its India model portfolio.

Trent shares saw an even steeper drop, tumbling around 9 per cent after the company’s third-quarter business update failed to meet investor expectations.

Other major Sensex constituents such as Kotak Mahindra Bank, ITC and HDFC Bank also figured among the top losers.

On the positive side, ICICI Bank, Sun Pharmaceutical Industries, Hindustan Unilever, State Bank of India and Tata Consultancy Services provided some support to the benchmark indices by ending the session higher.

Broader markets mirrored the cautious tone. The Nifty Midcap 100 declined 0.19 per cent. The Nifty Smallcap 100 slipped 0.22 per cent, reflecting subdued sentiment beyond frontline stocks.

Sectorally, the Nifty Oil and Gas index emerged as the worst performer, falling 1.75 per cent.

Media and chemical stocks also remained under pressure. In contrast, healthcare and pharma stocks outperformed the broader market, registering gains on selective buying interest.

The Indian rupee strengthened after four consecutive sessions of decline. The appreciation followed increased dollar supply from foreign banks. It was also supported by tentative inflows from foreign investors.

“The trend remains neutral-to-bullish for the spot USDINR as long as the spot remains above 89.90,” an analyst stated.

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