Mumbai: Indian stock markets ended lower on Tuesday as selling in cement, FMCG and realty shares pulled down benchmark indices. Investors also remained cautious after signs that talks between the United States and Iran had reached an impasse.
The Sensex fell 388.19 points, or 0.49percent, to close at 78,154.25. The Nifty declined 112.10 points, or 0.46percent, to settle at 24,471.70.
Key Technical Levels
Market experts said 24,400 has become the immediate support level for the Nifty. A clear fall below this mark could push the index towards 24,300.
On the higher side, 24,500 is expected to act as the first resistance level. This mark had earlier served as an important support level.
The wider 24,600–24,700 range remains a stronger barrier. Analysts said the Nifty must stay above 24,700 to bring back strong buying interest and revive positive momentum.
Geopolitical Worries
Investor sentiment remained weak because of uncertainty surrounding negotiations between the US and Iran. Reports suggesting that talks had stalled raised fresh concerns about energy supplies, crude oil prices and global risk appetite.
Tata Consumer Products, Max Healthcare Institute and UltraTech Cement were among the biggest Nifty losers. Their decline added pressure on the headline indices.
However, the broader market performed better. The Nifty MidCap index slipped by only 0.02percent, while the Nifty SmallCap index gained 0.22percent, showing continued buying interest in select smaller companies.
Sectoral Performance
The Nifty Cement index recorded the steepest fall. It was followed by the Nifty FMCG, Nifty Realty and Nifty Metal indices. Losses across these sectors kept the overall market under pressure.
Pharmaceutical shares moved against the wider trend. The Nifty Pharma index became the best-performing sector as investors shifted money towards defensive stocks during the uncertain session.
Investors will now closely watch US Consumer Price Index data due on Wednesday. The inflation figures could influence expectations about future US interest-rate moves and provide fresh direction to global markets. Domestic shares may also take cues from crude oil prices and US-Iran developments.
