Sensex and Nifty indices ended sharply lower on Tuesday as rising oil prices weakened investor sentiment and intensified selling pressure in the final trading session.
The Sensex declined 777.94 points, or 1.04 per cent, to settle at 74,003.82. The Nifty dropped 279.50 points, or 1.19 per cent, to close at 23,118.60.
Market experts said the Nifty decisively breached the crucial 23,300 support level and moved closer to the psychological 23,000 mark.
“A sustained break below 23,000 could expose the index to further weakness towards 22,800, while 23,300-23,500 is likely to act as the first resistance band on any recovery,” a market expert noted.
Selling remained broad-based, with several heavyweight stocks ending lower. Bharat Electronics (BEL), Shriram Finance and IndiGo emerged among the biggest Nifty losers.
The broader market underperformed the benchmark indices, signalling heightened risk aversion among investors.
The Nifty MidCap index declined 2.12 per cent, while the Nifty SmallCap index fell 2.43 per cent.
Realty stocks faced the steepest pressure. The Nifty Realty index plunged 4 per cent, making it the worst-performing sectoral index, followed by the Nifty Chemical index.
Information technology stocks bucked the broader downturn. The Nifty IT index gained around 2 per cent and remained the only sectoral index to finish higher.
Bank Nifty slipped below 56,000, with 55,500 emerging as the next key support.
“The index now faces resistance in the 56,000–56,500 region,” market watchers noted.
Also Read: Stock Market Today: Sensex Gains 588 Points, Nifty Rises 178 Points At Open
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