Mumbai– Indian benchmark indices extended their losses Tuesday as heightened geopolitical tensions and weakness in several major sectors weighed on investor sentiment.
The Sensex fell 493 points, or 0.63 percent, to close at 77,235.46, while the Nifty declined 132.75 points, or 0.55 percent, to 24,154.90.
Market analysts said the 24,300 level is likely to serve as immediate resistance for the Nifty. A sustained move above that level could help stabilize the index and support a recovery toward the 24,400 to 24,500 range.
However, failure to move above 24,300 could leave recovery attempts vulnerable to renewed selling pressure.
On the downside, analysts identified 24,150 as immediate support. A decisive break below that level could increase selling pressure and push the index toward the psychologically important 24,000 mark.
Tata Motors Passenger Vehicles, Asian Paints and Infosys were among the biggest losers on the Nifty.
Broader markets also remained under pressure, with the Nifty MidCap index falling 0.43 percent, while the Nifty SmallCap index ended largely unchanged.
Among sectors, information technology, real estate and public-sector banking were among the biggest drags on the benchmark indices. The Nifty Auto index was the strongest-performing sector of the session.
Market experts said investors remained cautious as they assessed the impact of ongoing geopolitical tensions. Selling in IT, real estate and public-sector banking stocks added to the weakness.
Analysts said domestic fundamentals remain supportive, but persistently high crude oil prices and rising input costs could put pressure on recent corporate earnings upgrades and keep investors cautious in the near term.
Meanwhile, the rupee traded largely unchanged near 95.67 against the U.S. dollar, though analysts said broader weakness remained.
The rupee is expected to trade in a range of 95.25 to 95.85 in the near term, according to market experts. (Source: IANS)
