MUMBAI, India — Indian benchmark stock indexes gave up intraday gains and ended lower Tuesday, pressured by weakness in banking, financial and metal stocks amid global tensions.
The Sensex fell 114.19 points, or 0.15%, to close at 75,200.85. The Nifty declined 31.95 points, or 0.14%, to settle at 23,618.
Market experts said the Nifty would need to hold above the 23,700-to-23,800 range to strengthen recovery momentum toward the 24,000 mark, where selling pressure is expected to increase.
“On the downside, the 23,600–23,500 zone continues to remain a crucial immediate support area, and a decisive breakdown below this region could extend weakness toward the broader 23,300 zone,” a market expert said.
Titan Company, UltraTech Cement and Tata Consumer Products were among the major laggards on the Nifty.
Kotak Mahindra Bank was the top loser on the Sensex. Titan, Bharti Airtel, Sun Pharma and IndiGo were also among the top decliners.
Infosys led the gainers, while HCL Tech, Tech Mahindra, Eternal and TCS also advanced.
The Indian rupee weakened sharply during the session, falling 25 paise to touch a fresh low of 96.61 against the U.S. dollar. It later settled at 96.53 per dollar, compared with its previous close of 96.36.
Banking and financial shares remained under pressure throughout the session. The Nifty Private Bank index was the worst-performing sectoral index, while the Nifty Bank and Nifty Financial Services indices also lagged the broader market.
Some sectors bucked the weak trend. Nifty IT, Nifty Realty and Nifty Chemical ended higher and outperformed the benchmark indexes.
Broader markets were more resilient than the frontline indexes. The Nifty MidCap index rose 0.91%, while the Nifty SmallCap index gained 1.17%.
Analysts said elevated crude oil prices and pressure on capital flows continued to weigh on the rupee.
“The broader trend remains weak, with rupee expected to trade in a range of 96.25–97.00 in the near term,” an analyst said. (Source: IANS)
