Mumbai: Indian equity benchmarks ended lower for the second consecutive trading session on Tuesday as elevated crude oil prices and persistent volatility in global bond yields kept investors cautious, triggering risk-off sentiment across sectors.
The Sensex declined 242.65 points, or 0.33 per cent, to settle at 72,529.07, while the Nifty slipped 64.05 points, or 0.28 per cent, to close at 22,716.20.
Commenting on Nifty technical outlook, experts said that the 23,500–23,600 zone has also witnessed limited buying interest, keeping broader recovery attempts subdued. On the upside, 22,750–22,800 remains the immediate resistance zone.
“On the downside, 22,550–22,600 remains the key immediate support zone, while a decisive break below 22,500 could intensify selling pressure and expose the index to the 22,300–22,000 region,” analysts stated.
Selling pressure was visible across large-cap counters, with Titan Company emerging as the top loser on the Nifty index. IT stocks also remained under pressure, with Wipro and HCLTech featuring among the biggest drags on the benchmark.
The weakness extended to the broader market as investors pared exposure to mid- and small-cap stocks. The Nifty MidCap index dropped 0.99 per cent, while the Nifty SmallCap index fell 0.81 per cent.
Sectorally, consumer durables, chemicals, real estate and information technology stocks witnessed significant selling — reflecting concerns over global growth and higher input costs linked to firm crude oil prices.
The Nifty Consumer Durables, Nifty Chemical, Nifty Realty and Nifty IT indices ended among the worst performers during the session.
In contrast, pharmaceutical stocks offered some respite to the market, with the Nifty Pharma index emerging as one of the better-performing sectoral gauges amid the broader weakness.
Experts said that market participants remained cautious as rising energy prices and fluctuating global bond yields continued to cloud the investment outlook, prompting investors to adopt a defensive stance despite resilience in select sectors.
“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 stated.
“A meaningful de-escalation of the U.S.-Iran conflict could trigger a sharp relief rally driven by improved risk sentiment. Until then, investors are likely to remain selective, favouring fundamentals and earnings visibility over broad-based market exposure,” analysts noted.
Meanwhile, Rupee traded largely flat near 95.97, marginally higher by around 0.10 per cent, as crude prices saw some profit booking from recent highs. “Rupee range can be seen between 95.65–96.15,” analysts explained.
(IANS)
