Indian equity benchmarks gave up early gains and traded in the red on Tuesday, as selling pressure in information technology, banking, and automobile stocks weighed on sentiment. The BSE Sensex slipped over 200 points, while the NSE Nifty50 declined below the 24,650 level.
Market Performance
The 30-share BSE Sensex fell 214 points or 0.26% to 81,342, while the broader NSE Nifty50 dropped 61 points or 0.25% to 24,642. Market breadth was negative, with more stocks declining than advancing on the BSE.
Sectoral Trends
Among sectoral indices, the Nifty IT index slumped over 1%, dragged by Infosys, TCS, and HCL Technologies. The Nifty Bank index also declined 0.3%, with HDFC Bank and ICICI Bank among the top losers. Auto stocks such as Maruti Suzuki and Mahindra & Mahindra also traded lower.
On the other hand, defensive sectors like pharma and FMCG witnessed some buying interest. The Nifty Pharma index rose 0.5%, supported by Sun Pharma and Dr Reddy's Laboratories.
Global Cues
Asian markets traded mixed, with Japan's Nikkei 225 falling 0.8% and China's Shanghai Composite gaining 0.3%. US stock futures were flat, indicating a cautious start on Wall Street later in the day.
Expert View
According to market analysts, profit-booking after recent gains and weak global signals led to the pullback. They expect volatility to continue in the near term, with investors eyeing corporate earnings and macroeconomic data for further direction.
The rupee also weakened against the US dollar, trading at 83.95 per dollar, down 0.1% from the previous close.
