Benchmark equity indices ended lower on Tuesday, ending their four-session winning streak as investors adopted a cautious approach ahead of the Reserve Bank of India’s monetary policy announcement on Wednesday.
Weakness across banking, financial and information technology stocks weighed on market sentiment throughout the trading session.
The BSE Sensex slipped 210.08 points, or 0.27 per cent, to settle at 78,428.95. The NSE Nifty dropped 159.40 points, or 0.64 per cent, to close at 24,614.90.
According to market analysts, the Nifty gradually declined during the session and approached the 24,400 support level after touching an intra-day low of 24,428.
Although the index attempted a recovery, buying remained weak. Selling pressure near the 24,500 mark reinforced it as the immediate resistance level.
Experts noted that the 24,400 zone remains the key near-term support. A sustained fall below this level could trigger fresh profit booking and push the index towards the 24,300 support zone.
Investors largely stayed on the sidelines as they awaited the RBI’s policy decision and its guidance on interest rates, inflation and economic growth.
Among the Nifty constituents, Grasim Industries, HDFC Life Insurance Company and Hindustan Unilever emerged as the biggest laggards, weighing on the benchmark index.
Sector-wise, the Nifty Realty index declined more than 2 per cent, making it the day’s weakest performer.
The Nifty FMCG, Nifty Private Bank and Nifty Bank indices also ended in negative territory.
In the broader market, the Nifty MidCap index slipped 0.29 per cent. The Nifty SmallCap index outperformed and gained 0.23 per cent.
Market experts believe investors will now closely monitor the RBI’s outlook on interest rates, inflation and liquidity to gauge the market’s next direction.
Also Read: Stock Market Today: Sensex Opens Higher, Nifty Slips Below 24,750
To read more such news, download Bharat Express news apps
