India’s benchmark equity indices ended sharply lower on Tuesday as escalating geopolitical tensions in West Asia triggered broad-based selling, with PSU bank, realty and auto stocks leading the decline.
The Sensex fell 561.46 points, or 0.72 per cent, to close at 77,054.94, while the Nifty declined 159 points, or 0.66 per cent, to settle at 24,052.05.
Market experts said the Nifty remained range-bound after opening with a gap-down on the expiry day of NSE weekly options.
The index found support near the previous session’s low and continued to trade above the falling trendline.
According to analysts, the near-term outlook remains positive as long as the Nifty stays above 23,950, with the potential to move towards the 24,250-24,300 zone.
A decisive breach below 23,950 could weaken the bullish structure and lead to a phase of consolidation.
Investor sentiment remained subdued amid concerns over developments in West Asia, prompting profit booking across major sectors despite resilience in select defensive stocks.
Among Nifty constituents, HCLTech, Shriram Finance and HDFC Life Insurance Company were the biggest laggards.
The broader market also ended lower, with the Nifty MidCap index falling 0.44 per cent and the Nifty SmallCap index declining 1.01 per cent.
Sectorally, Nifty Realty, Nifty PSU Bank and Nifty Auto posted the steepest losses, while Nifty Pharma emerged as the top gainer on defensive buying.
Market participants are now awaiting remarks from the US Federal Reserve Chair for cues on global interest rate expectations.
Although the Q1 earnings season has begun on a positive note, rising geopolitical risks continue to weigh on market sentiment.
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