Except for FMCG, all sectors closed in the red, with sharp losses in real estate, pharmaceuticals, metals, and banking stocks.
Heavy selling pressure on Dalal Street dragged Indian benchmark indices by over 1% at Tuesday’s close. The Nifty 50 index slipped 255.7 points to settle at 24,712, while the Sensex dropped 849.4 points to close at 80,786.5.
The markets will be closed on Wednesday on account of Ganesh Chaturthi, a Hindu festival. Trading will resume on Thursday.
Retail sentiment for the Nifty 50 fell to ‘neutral’ from ‘bullish’ a day earlier.
Stocks Watch
Except for FMCG, all sectors closed in the red, with sharp losses in real estate, pharmaceuticals, metals, and banking stocks.
Sun Pharma was among the biggest laggards on the Nifty index after BofA Securities reportedly downgraded the stock and trimmed its target price. SEBI-registered analyst Financial Sarthis expects the stock to find support between ₹1,528 and ₹1,552.
Financial stocks closed lower, with Shriram Finance closing 4.1% lower at ₹595.9, while Bajaj Finance slipped 2.75% to ₹876.
Indian conglomerate and index heavyweight Reliance Industries saw its shares decline over 2% on Tuesday to close at ₹1,383.8.
Textile and shrimp stocks fell up to 5% on Tuesday ahead of tariffs. Raymond Lifestyle declined 1.3%, KPR Mill fell 3.8%, Trident and Gokaldas Exports fell 2.1% and 2.8%, respectively, while Welspun Living closed 1.7% lower. Apex Frozen Foods declined 0.8%.
On the positive side, Maruti Suzuki shares hit an all-time high after its Japanese parent company, Suzuki Motor, reportedly announced plans to invest ₹70,000 crore in India over the next five to six years.
Technical Assessment
The Nifty 50 has been struggling to find a clear direction, with the index slipping below its support at 24,890 before a low of 24,755. This is close to the Gann magnet level of 24,728, a key support indicator, said SEBI-registered analyst Ashish Kyal.
On the upside, a move above 24,850 could present a scalping opportunity toward the 24,920 levels. On the downside, support at 24,750 is expected to hold and will be crucial for market stability, he added.
Asian Markets Watch
Barring the bourses in Taiwan and Shenzhen, all major Asian markets declined on Tuesday, with the Hang Seng Index and FTSE Bursa Malaysia KLCI Index posting the steepest percentage declines.
For updates and corrections, email newsroom[at]stocktwits[dot]com.<