Mumbai — Indian stock markets closed lower for a second consecutive session on Tuesday as elevated crude oil prices and volatility in global bond yields kept investors cautious.
The Sensex fell 242.65 points, or 0.33%, to close at 72,529.07, while the Nifty declined 64.05 points, or 0.28%, to settle at 22,716.20.
Analysts said the Nifty continued to face resistance in the 22,750-22,800 range, while support was seen around 22,550-22,600.
A sustained break below 22,500 could increase selling pressure and push the index toward the 22,300-22,000 range, market analysts said.
Selling was widespread among large-cap stocks, with Titan Company among the biggest losers on the Nifty. Information technology stocks also remained under pressure, with Wipro and HCLTech among the major drags on the benchmark.
The weakness extended to the broader market. The Nifty MidCap index fell 0.99%, while the Nifty SmallCap index declined 0.81%.
Among sectors, consumer durables, chemicals, real estate and information technology stocks saw some of the heaviest selling, reflecting concerns over global growth and higher input costs linked to elevated crude oil prices.
The Nifty Consumer Durables, Nifty Chemical, Nifty Realty and Nifty IT indexes were among the weakest performers of the session.
Pharmaceutical stocks provided some support, with the Nifty Pharma index outperforming several other sectoral gauges.
Market analysts said investors remained cautious as higher energy prices and fluctuations in global bond yields continued to weigh on sentiment.
“While geopolitical tensions will continue to shape near-term sentiment, market focus is gradually shifting towards Q2 earnings, with expectations already tempered versus Q1,” market watchers said.
Analysts added that a significant easing of the U.S.-Iran conflict could improve risk sentiment and trigger a market rebound. Until then, investors are expected to remain selective and focus on companies with stronger fundamentals and greater earnings visibility.
Meanwhile, the Indian rupee traded largely flat near 95.97 against the U.S. dollar, gaining about 0.10% as crude oil prices eased from recent highs.
Analysts said the rupee could trade in a range of 95.65 to 96.15. (Source: IANS)
