Indian equity markets closed lower on Tuesday, as investors booked profits amid concerns over high valuations and weakness in global cues. The benchmark indices ended the session in the red, snapping recent gains.
The BSE Sensex declined by 624.82 points, or 0.76 per cent, to settle at 81,551.63, while the NSE Nifty dropped 174.95 points, or 0.70 per cent, to close at 24,826.20.
Selling pressure was visible across several key sectors, with FMCG, IT, auto, and metals leading the decline. The Nifty FMCG index fell by 0.88 per cent, Nifty IT by 0.75 per cent, Nifty Auto by 0.70 per cent, and Nifty Financial Services by 0.64 per cent.
In contrast, midcap and smallcap stocks showed relative strength. The Nifty Midcap 100 rose 87.25 points (0.15%) to end at 57,154.50, while the Nifty Smallcap 100 gained 17.35 points (0.10%) to close at 17,725.15.
Rupak De, Senior Technical Analyst at LKP Securities, said that Nifty has been in a consolidation phase for the past 10–11 days, reflecting investor indecision. “The overall trend remains positive as long as the index stays above its short-term moving average,” he said, adding that Nifty could move towards the 25,000–25,150 range, with support at 24,700.
The trading session was marked by volatility, with sharp intraday swings on both sides. Sectoral performance remained mixed. While PSU banks and realty stocks showed strength, consumer goods, IT, auto, and financial services sectors witnessed weakness.
Sundar Kewat of Ashika Institutional Equity noted that the day reflected a tug-of-war between bulls and bears. “It was a classic session of market indecision,” he said.
Vinod Nair, Head of Research at Geojit Financial Services, observed that midcap and smallcap stocks were buoyed by strong Q4 earnings and a moderation in valuation premiums.
On the currency front, the rupee traded with a slightly negative bias. Dilip Parmar, Research Analyst at HDFC Securities, said the USD-INR pair is expected to see upward movement in the near term due to month-end adjustments and demand from oil importers. Resistance is seen at 85.90, with support at 84.80.
-IANS
