Mumbai: Indian equity markets ended in the red on Tuesday after recent gains, as investors booked profits across sectors. The benchmark indices, Sensex and Nifty, slipped amid broad-based selling pressure, with PSU bank stocks leading the fall.
The Sensex dropped 297 points, or 0.36 per cent, to settle at 82,029.98, while the Nifty closed 81.85 points, or 0.32 per cent lower, at 25,145.5. Analysts said the 25,300–25,400 range continues to act as a strong resistance for Nifty, while the 25,000 mark remains a key support.
Range-Bound Movement Likely Ahead
According to market experts, until Nifty breaks out decisively above 25,300 or below 25,000, the index may continue to move in a range with intermittent volatility. A slip below 25,000 could drag the index further down toward 24,700 levels, while a breakout above 25,300 might revive bullish sentiment.
PSU Banks, Durables and Media Drag Indices
Sectorally, the Nifty PSU Bank index fell the most, down 1.52 per cent. Consumer durables and media stocks also saw heavy selling. Among top laggards were Bajaj Finance, Trent, Tata Steel, and BEL. However, Tech Mahindra, ICICI Bank, Power Grid, and HUL provided some relief with mild gains.
Broader Markets Also Under Pressure
Mid and small-cap stocks mirrored the weakness in frontline indices. The Nifty MidCap 100 dropped 0.75 per cent, while the Nifty SmallCap 100 fell 0.89 per cent, reflecting the overall bearish sentiment.
Rupee Near Record Low Amid Global Uncertainty
The Indian rupee closed near its all-time low, weighed by a strong US dollar and weakness in regional currencies. However, experts noted that central bank interventions and foreign inflows have helped the rupee stay within a narrow range. The USDINR is expected to move between 88.50 and 89.10 in the near term.
Global Cues, Earnings to Guide Next Moves
Analysts expect markets to remain choppy in the near term, as traders adjust their positions and await fresh global cues and corporate earnings data.
