Domestic equity markets ended sharply lower on Tuesday, extending losses for a third straight trading session, as selling pressure in realty and PSU banking stocks, along with rising crude oil prices amid tensions in West Asia, weighed on investor sentiment.
The Sensex declined 715.06 points, or 0.92 per cent, to close at 76,755.05, while the Nifty fell 191.45 points, or 0.79 per cent, to settle at 23,996.25, slipping below the psychologically important 24,000 level.
Commenting on Nifty technical outlook, experts said that the 24,200 level has now emerged as the crucial resistance for the coming sessions.
“A sustained move above this level will be essential to revive bullish momentum and improve the near-term technical structure,” an analyst stated.
“On the downside, A decisive break below the 24,000 psychological mark remains the most critical level could trigger fresh selling pressure and drag the index towards the 23,900–23,800 support zone,” a market expert mentioned.
Market participants remained cautious as geopolitical concerns in West Asia pushed crude oil prices higher, raising fears over inflationary pressures and their potential impact on the domestic economy.
Among the Nifty constituents, InterGlobe Aviation, Dr. Reddy’s Laboratories and Jio Financial Services emerged as the top losers.
The weakness was even more pronounced in the broader markets. The Nifty MidCap index ended 1.09 per cent lower, while the Nifty SmallCap index dropped 1.54 per cent.
Sectorally, realty stocks led the decline, with the Nifty Realty index falling 2.6 per cent. The Nifty Media index also slipped 2.6 per cent, while information technology, pharmaceutical and private banking stocks witnessed losses of around 1 per cent each.
(IANS Inputs)
