Sensex and Nifty traded lower in morning deals on Tuesday as investors assessed rising geopolitical tensions in the Middle East and their potential impact on crude oil supplies.
Market sentiment remained cautious ahead of the monthly expiry of Nifty 50 derivatives contracts.
The Sensex fell as much as 223 points, or 0.28 per cent, to an intraday low of 77,146, while the Nifty declined 90 points, or 0.37 per cent, to 24,128.
Among sectors, Nifty Media, PSU Bank and Chemicals emerged as the top gainers, rising up to 0.6 per cent.
Nifty Metal was the biggest laggard, falling 0.48 per cent, followed by Oil & Gas, which declined 0.4 per cent.
IT fell 0.37 per cent, while Auto and Realty slipped 0.32 per cent each. FMCG, healthcare, consumer durables and pharma stocks traded lower.
Analysts expect the broader market to remain range-bound in the near term, with buying likely at lower levels and selling at higher levels. They placed the Nifty’s immediate range between 24,100 and 24,500.
Market participants are closely monitoring US sanctions on Iran, which have increased uncertainty around crude oil prices.
Analysts said elevated oil prices could limit any sustained recovery in domestic equities in the near term.
Despite weakness in the broader market, midcap and smallcap stocks continued to attract buying interest on the back of corporate developments and positive news flow.
Foreign investors remained active despite valuation concerns. Crude prices steadied amid tighter Iran sanctions, while the Nifty expiry added to volatility.
On Monday, FIIs bought ₹1,181 crore, and DIIs invested ₹2,493 crore.
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