Sensex Closes At 72,529.07, Nifty Falls 64.05 Points As Oil Prices Extend Market Losing Streak

Mumbai: Indian stock markets declined for a second consecutive session on Tuesday as elevated crude oil prices and volatile global bond yields weighed on sentiment. Selling in large-cap, mid-cap and small-cap shares kept the broader market under pressure.

The Sensex fell 242.65 points, or 0.33 per cent, to close at 72,529.07. The Nifty lost 64.05 points, or 0.28 per cent, to finish at 22,716.20.

IT and Consumer Shares Drag

Titan Company was the biggest loser on the Nifty. Information technology shares also weakened, with Wipro and HCLTech among the stocks weighing on the benchmark.

Selling spread beyond the leading indices. The Nifty MidCap index declined 0.99 per cent, while the Nifty SmallCap index shed 0.81 per cent as investors reduced exposure to smaller companies.

Consumer durables, chemicals, real estate and IT were among the weakest sectors. Pharmaceutical shares provided some support, with the Nifty Pharma index holding up better than many other sectoral gauges.

Nifty Support and Resistance

Analysts placed immediate resistance for the Nifty at 22,750–22,800. They identified 22,550–22,600 as the nearest support zone.

A decisive fall below 22,500 could increase selling pressure and bring the 22,300–22,000 region into focus, they said. Recovery attempts have remained subdued amid limited buying interest at higher levels.

Crude Oil and Earnings in Focus

Firm oil prices and changing global yields continued to cloud the near-term outlook. Market watchers said geopolitical developments, particularly the US-Iran conflict, could influence sentiment, while attention is gradually turning to second-quarter corporate earnings.

Analysts said any meaningful easing of tensions could support a relief rally. Until then, they expect investors to remain selective and focus on companies with stronger fundamentals and clearer earnings prospects.

The rupee was quoted near 95.97 against the US dollar, around 0.10 per cent higher, as crude prices eased from recent highs. Analysts saw a near-term range of 95.65–96.15.