MUMBAI, India — Indian equity benchmark indices slipped for a second consecutive session on Tuesday, dragged lower by sharp losses in heavyweight stocks including Reliance Industries and Trent, keeping market sentiment under pressure throughout the day.
The Nifty closed at 26,178.70, down 71.6 points, or 0.27 percent. The Sensex ended at 85,063.34, slipping 376.28 points, or 0.44 percent.
Analysts said the Nifty remains in a short-term consolidation phase amid tariff-related and geopolitical uncertainties, while holding above the key 26,100–26,000 support zone. This range also aligns with the 20-day exponential moving average and represents an important psychological level.
A decisive break below 26,000 could increase downside risk toward the 25,900–25,800 range, particularly if global risk sentiment weakens further, analysts said.
Shares of Reliance Industries recorded their steepest intraday decline in more than eight months, falling over 4 percent. The stock came under pressure following reports that brokerage firm CLSA removed Reliance from its India model portfolio.
Trent shares dropped even more sharply, sliding about 9 percent after the company’s third-quarter business update failed to meet investor expectations.
Other major Sensex losers included Kotak Mahindra Bank, ITC, and HDFC Bank. In contrast, ICICI Bank, Sun Pharmaceutical Industries, Hindustan Unilever, State Bank of India, and Tata Consultancy Services ended the session higher, offering limited support to the benchmarks.
Broader market indices also weakened, with the Nifty Midcap 100 down 0.19 percent and the Nifty Smallcap 100 lower by 0.22 percent, reflecting cautious sentiment beyond frontline stocks.
Among sectoral indices, the Nifty Oil and Gas index was the worst performer, falling 1.75 percent. Media and chemicals stocks also remained under pressure. Healthcare and pharmaceutical stocks, however, outperformed the broader market, emerging as the top sectoral gainers amid selective buying.
Meanwhile, the Indian rupee strengthened after four consecutive sessions of decline, a move analysts described as largely tactical, driven by foreign bank dollar supply and a tentative return of foreign fund inflows.
Analysts said the outlook for the spot USD-INR pair remains neutral to bullish as long as it stays above the 89.90 level. (Source: IANS)
