Mumbai, Aug 18 (IANS) The benchmark indices extended their losses on Tuesday, with the Sensex and Nifty coming under pressure amid heightened geopolitical tensions and weakness in key sectors.
The Sensex fell 493 points, or 0.63 per cent, to 77,235.46, while the Nifty declined 132.75 points, or 0.55 per cent, to 24,154.90.
Commenting on technical outlook, the 24,300 zone is likely to act as the immediate resistance.
“A sustained move above 24,300 could help stabilise the structure and support a recovery towards the 24,400–24,500 region. However, failure to reclaim this level could keep recovery attempts vulnerable to selling pressure,” an analyst stated.
“On the downside, 24,150 remains the immediate support level. A decisive break below 24,150 could intensify selling pressure and drag the index towards the 24,000 psychological mark,” as per the market expert.
Tata Motors Passenger Vehicles, Asian Paints and Infosys emerged as the top losers among Nifty constituents. The broader market also remained under pressure, with the Nifty MidCap index declining 0.43 per cent, while the Nifty SmallCap index ended flat.
Sectorally, Nifty IT, Nifty Realty and Nifty PSU Bank were among the biggest drags on the benchmark indices. In contrast, the Nifty Auto index emerged as the top-performing sector during the session.
Experts said that the market sentiment remained cautious as investors assessed the impact of ongoing geopolitical tensions, with selling pressure in IT, realty and PSU banking stocks weighing on the overall market.
“Although domestic fundamentals continue to be supportive, sustained high crude prices and rising input costs could pressure recent earnings upgrades, prompting investors to remain cautious in the near term,” as per the market expert.
Meanwhile, Rupee traded largely flat near 95.67, but the broader weakness continues as the currency faces hurdles in sustaining strength.
“The rupee is expected to trade in the 95.25–95.85 range in the near term,” a market expert noted.
–IANS
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