NEW DELHI: Indian equity markets dipped into the red on Tuesday, with the BSE Sensex losing over 900 points, finishing at 78,675.18 with a decline of 820.97 points 1.03 per cent. The Nifty50 also faced a setback, dropping to 23,883.45 with a decline of 257.85 points or 1.07 per cent .
This decline followed a subdued performance on Monday, with global cues, foreign institutional investor (FII) selling, and lackluster quarterly earnings reports contributing to limited market gains. The BSE Sensex closed almost flat at 79,496.15, edging up by just 9.83 points, while the Nifty50 ended slightly lower by 6.90 points at 24,141.30 after a volatile session.
On Tuesday, the top gainers included Tata Motors, Asian Paints, LIC, Biocon, and Trent, Bharti Airtel, HCL Technologies, Infosys, Sun Pharma, ONGC, ICICI Bank, SBI Life, Reliance, TCS, and Grasim, reflecting strong investor interest in select stocks. Despite the gains in these companies, the overall market sentiment remained cautious as investors await key earnings reports from major firms.
The Gift Nifty stood at 24,130, suggesting a tempered optimism for the near term.
Analysts predict market consolidation in the coming days. Deepak Jasani, Head of Retail Research at HDFC Securities, commented, “Nifty’s weekly chart shows a small negative candle with long upper and lower shadows, forming a high wave pattern. The short-term trend appears choppy, with consolidation likely to continue, though with a weak bias.”
