Mumbai–Indian equity markets closed sharply lower Tuesday, extending losses for a third consecutive session as selling in real estate and public-sector banking stocks and rising crude oil prices weighed on investor sentiment.
The Sensex fell 715.06 points, or 0.92 percent, to close at 76,755.05. The Nifty declined 191.45 points, or 0.79 percent, to settle at 23,996.25, slipping below the key 24,000 level.
Market analysts said 24,200 has emerged as an important resistance level for the Nifty in 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 said.
On the downside, experts said a decisive break below 24,000 could trigger further selling and pull the index toward the 23,900-to-23,800 support range.
Investors remained cautious as tensions in West Asia pushed crude oil prices higher, raising concerns about inflation and the potential effect on India’s economy.
InterGlobe Aviation, Dr. Reddy’s Laboratories and Jio Financial Services were among the biggest losers on the Nifty.
Broader markets also recorded steep declines. The Nifty MidCap index fell 1.09 percent, while the Nifty SmallCap index dropped 1.54 percent.
Real estate stocks led the sectoral losses, with the Nifty Realty index falling 2.6 percent. The Nifty Media index also declined 2.6 percent, while information technology, pharmaceutical and private banking stocks lost about 1 percent each.
Analysts said investor attention remained focused on broader economic concerns despite stronger-than-expected earnings from several companies, including major automakers.
Higher crude oil prices and renewed concerns about possible U.S. tariffs on pharmaceutical imports also weighed on market sentiment. (Source: IANS)
