Mumbai — Indian benchmark stock indices ended sharply lower Tuesday as a late-session sell-off intensified amid rising oil prices and heavy selling in metal, real estate and chemical stocks.
The Sensex fell 777.94 points, or 1.04%, to close at 74,003.82, while the Nifty dropped 279.50 points, or 1.19%, to settle at 23,118.60.
Market analysts said the Nifty decisively broke below the 23,300 support level and moved closer to the psychological 23,000 mark.
“A sustained break below 23,000 could expose the index to further weakness towards 22,800, while 23,300–23,500 is likely to act as the first resistance band on any recovery,” a market expert said.
Selling was broad-based, with several heavyweight stocks finishing lower. Bharat Electronics, Shriram Finance and IndiGo were among the biggest losers on the Nifty.
Broader market indices performed even worse than the benchmarks, reflecting increased risk aversion. The Nifty MidCap index fell 2.12%, while the Nifty SmallCap index declined 2.43%.
Most sectoral indices also ended lower. The Nifty Realty index plunged 4%, making it the worst-performing sector of the session, followed by the Nifty Chemical index.
Information technology stocks were the main exception to the sell-off. The Nifty IT index was the only sectoral index to close in positive territory, gaining about 2%.
Bank Nifty also slipped below 56,000, with market attention shifting toward the next support level near 55,500.
“The index now faces resistance in the 56,000–56,500 region,” market watchers said. (Source: IANS)
