Realty, FMCG, and cement stocks fell; Sensex and Nifty slipped 0.5%
Mumbai: Benchmark equity indices closed lower on Tuesday. Losses in realty, FMCG, and cement stocks, coupled with investor caution stemming from signs of a deadlock in US-Iran talks, exerted pressure on the market.
The Sensex fell by 388.19 points, or 0.49 percent, to close at 78,154.25. The Nifty also declined by 112.10 points, or 0.46 percent, to end at 24,471.70.
Commenting on the Nifty’s technical outlook, experts noted that the 24,400 zone is emerging as an immediate support area; a decisive drop below this level could pave the way for a further decline towards the 24,300 mark.
“On the upside, the 24,500 level is likely to act as immediate resistance, having shifted from its previous role as a key support level,” a market expert said.
An analyst added, “The broader 24,600–24,700 zone remains a strong hurdle, and a sustained breakout above 24,700 would be required to regain bullish momentum.”
Market participants remained cautious amidst geopolitical uncertainties following signs of stalled talks between the US and Iran, which raised concerns regarding energy markets and global risk sentiment.
Among Nifty stocks, Tata Consumer Products, Max Healthcare Institute, and UltraTech Cement were among the top losers, contributing to the overall weakness in the benchmark indices.
Despite the decline in the benchmarks, the broader market showed resilience. The Nifty Midcap index saw a marginal dip of just 0.02 percent, while the Nifty Smallcap index outperformed, gaining 0.22 percent during the session. On the sectoral front, the Nifty Cement index witnessed the steepest decline, followed by the Nifty FMCG, Nifty Realty, and Nifty Metal indices. Selling pressure in these sectors weighed heavily on the overall market performance.
In contrast, pharmaceutical stocks bucked the broader trend, with the Nifty Pharma index emerging as the top sectoral performer as investors turned towards defensive stocks. A market expert remarked, “All eyes are now on the US Consumer Price Index (CPI) data due on Wednesday. It is expected to provide fresh direction regarding global interest rate expectations and broader market sentiment.”
