MUMBAI– Indian equity markets ended lower on Tuesday as renewed selling pressure in information technology and metal stocks weighed on sentiment, tracking weak global cues.
After opening in positive territory, the Sensex reversed early gains to close 519.34 points, or 0.62 percent, lower at 83,459.15. During intraday trading, the index briefly rose 0.11 percent before turning negative. The Nifty 50 also declined 165.70 points, or 0.64 percent, to settle at 25,597.65.
“The Nifty continued its lower highs and lower lows pattern, slipping below the 25,600 mark,” analysts noted. “Momentum indicators and oscillators have given a sell crossover on the daily chart, suggesting that short-term weakness is likely to persist.”
Market watchers pointed to immediate support at the 21-day moving average near 25,570, with additional support at 25,500. A move above 25,800, they said, would negate the bearish setup and signal potential upside momentum.
Among Sensex constituents, Power Grid, Eternal, Tata Motors Passenger Vehicles, Tata Steel, and Maruti Suzuki were the biggest losers. Titan, Bharti Airtel, Bajaj Finance, Mahindra & Mahindra, and State Bank of India managed to post modest gains.
The broader markets followed the benchmark indices lower, with the Nifty Midcap 100 down 0.42 percent and the Nifty SmallCap 100 off 0.82 percent. Sectorally, Nifty Consumer Durables was the only index to close in the green, up 0.39 percent. Nifty Metal fell the most, dropping 1.44 percent, followed by Auto, down 0.86 percent, and IT, which edged 0.06 percent lower.
Analysts said that weak global sentiment, along with profit-booking in select heavyweights, drove the decline. “Indian equity markets ended lower, tracking global weakness and broad-based selling across IT, metal, and power sectors. Investor sentiment remained cautious ahead of the holiday-shortened week,” they added. (Source: IANS)
