Mumbai: Indian benchmark indices traded in the red zone early on Tuesday, weighed down by negative global cues, tech sell-off at Wall Street and continued selling by foreign portfolio investors (FPIs).
Around 9.30 am, the Sensex moved down 115 points, or 0.14 per cent to 84,579 and the Nifty eased 30 points, or 0.12 per cent to 25,911.
Main broad cap indices performed in line with benchmark indices, with the Nifty Midcap 100 declined 0.03 per cent, while the Nifty Smallcap 100 lost 0.08 per cent.
Among sectoral gainers, the Nifty PSU Bank was the top loser, down 0.18 per cent, followed by Nifty Realty, which lost 0.13 per cent.
Immediate support is placed at 25,850–25,900 zone, while 26,150–26,200 remains a crucial resistance band, said analysts.
They said that the year-end trend, though weak, does not indicate a directional shift in the market, adding that since the advance-decline ratio favoured declines, Nifty fell 100 points yesterday, despite thin volumes.
A clear directional change will happen early in the new year when large institutions are back in action. It would be better for investors to wait for new triggers and directional moves, market watchers said.
The auto sales numbers expected in two days will provide cues on sustainability of the consumption boom and economic growth, they added.
Asia-Pacific markets mostly fell in the morning session, as investors were concerned on the tech sell-down on Wall Street.
In Asian markets, China’s Shanghai index lost 0.1 per cent, and Shenzhen edged up 0.23 per cent, Japan’s Nikkei lost 0.11 per cent, while Hong Kong’s Hang Seng Index gained 0.47 per cent. South Korea’s Kospi declined 0.01 per cent.
The US markets ended in the red zone on Monday, as Nasdaq lost 0.5 per cent, the S&P 500 eased 0.35 per cent, and the Dow moved down 0.51 per cent.
On December 29, foreign institutional investors (FIIs) sold equities worth Rs 2,760 crore, while domestic institutional investors (DIIs) were net buyers of equities worth Rs 2,644 crore.
(IANS)
