Indian equity indices extended their slide on Tuesday, with the NSE Nifty 50 and the BSE Sensex falling further to fresh six-month lows as the market struggled to stabilize following the sharp correction in the previous session.
The Nifty 50 declined 64.05 points, or 0.28%, to close at 22,716.20, while the BSE Sensex fell 242.65 points, or 0.33%, to settle at 72,529.07.
The weakness extended to the broader market, with the Nifty Midcap 100 falling 1% and the Nifty Smallcap 100 declining 0.81%.
The India VIX, a gauge of market volatility, eased 2.32% to settle at 13.32.
Sectoral indices largely ended lower. Nifty Realty, Nifty Consumer Durables and Nifty Chemicals were the top laggards, each declining more than 2%. In contrast, the Nifty Metal and Nifty Pharma indices bucked the broader trend, gaining up to 0.7%.
Market breadth remained tilted in favour of the bears, with 2,039 of the 3,679 stocks traded on the NSE closing in the red. A total of 1,579 stocks ended higher, while 111 stocks remained unchanged on Tuesday.
Here are today’s top gainers on the Nifty
Here are today’s top gainers on the Sensex
Here are today’s top losers on the Nifty
Here are today’s top losers on the Sensex
From a technical point of view, the 22,800 region remains the immediate resistance area, with the index facing strong selling pressure at higher levels, according to Ponmudi R, CEO of Enrich Money. The 23,500–23,600 zone has also witnessed limited buying interest, keeping broader recovery attempts subdued. On the upside, 22,750–22,800, he believes, remains the immediate resistance zone.
Disclosure: This article has been written by Kumar Gaurav, who is not a SEBI-registered Research Analyst or an Investment Adviser. Gaurav and their ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here
