Sensex: Weak global trends cause the Nifty to close lower

Sensex: Tuesday’s market mood was negatively impacted by poor global signals and selling pressure in metal, real estate, and financial equities, which caused Indian equity benchmark indexes to close lower.

The Nifty fell 167.20 points, or 0.64 percent, to finish at 25,860.10, while the Sensex fell 533.50 points, or 0.63 percent, to conclude at 84,679.86.

Experts said that “on the downside, the support at 25,870 was breached, intensifying bearish sentiment in the market.”

The index may go lower in the near future, perhaps reaching 25,700 and below. The 25,950–26,000 range is probably going to serve as a significant barrier in the near future on the upswing,” they said.

The biggest losses among the Sensex members were banking and financial companies, with Axis Bank and Eternal dropping as much as 5%.

The pressure on the indexes was increased by the fact that other major players including HCL Technologies, Tata Steel, Bajaj Finserv, UltraTech Cement, Bajaj Finance, and NTPC all finished more than 1% down.

Gains were selective and restricted. Titan and Bharti Airtel both saw increases of more than 1%, providing some market assistance.

Although they finished higher, shares of M&M, Asian Paints, and Trent were insufficient to counteract wider losses.

The market as a whole, which mostly followed the benchmark indexes, also showed signs of weakening.

While the Nifty SmallCap index plummeted 0.92 percent, the Nifty MidCap 100 index dipped 0.83 percent.

With the Nifty Realty and Nifty Private Bank indexes falling more than 1% apiece, the real estate and private banking sectors saw the biggest declines in stock prices.

The Nifty IT index closed the day down 0.84 percent, as PSU bank equities continued to be under pressure.

Positively, the only industries to end in positive territory were media and consumer durables.

Concerns about international uncertainty and capital movements were heightened by the Indian rupee’s continuing decline throughout the session, which saw it hit a new all-time low of 91.01 versus the US dollar.