Domestic equity markets fell for a third straight session on Tuesday as selling in realty and PSU banking stocks, along with higher crude oil prices due to West Asia tensions, dragged the Sensex down 715.06 points to 76,755.05 and the Nifty 191.45 points to 23,996.25, below the 24,000 mark.
According to market experts, the 24,200 level has emerged as a crucial resistance for the Nifty in the coming sessions.
A sustained move above this level is considered necessary to restore bullish momentum and strengthen the near-term technical outlook.
On the downside, analysts said a decisive breach of the 24,000 psychological level could trigger fresh selling pressure, potentially dragging the index towards the 23,900–23,800 support zone.
Investor sentiment remained cautious as geopolitical tensions in West Asia pushed crude oil prices higher, fuelling concerns over inflation and its impact on the domestic economy.
Among Nifty stocks, InterGlobe Aviation, Dr Reddy’s Laboratories and Jio Financial Services were the top losers.
Broader markets also witnessed sharper declines, with the Nifty MidCap index falling 1.09 per cent and the Nifty SmallCap index dropping 1.54 per cent.
Sectorally, the Nifty Realty and Nifty Media indices each declined 2.6 per cent, while information technology, pharmaceutical and private banking stocks fell around 1 per cent.
Analysts noted that despite stronger-than-expected corporate earnings, including robust results from leading automakers, concerns over rising crude oil prices and potential US tariffs on pharmaceutical imports continued to weigh on market sentiment.
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