CHENNAI: The Indian stock market ended Tuesday’s session in the red, dragged down by broad-based selling across key sectors amid profit booking and weakness in Asian peers. Concerns over elevated valuations also weighed on investor sentiment.
At the close, the Sensex fell by 624.82 points or 0.76%, settling at 81,551.63, while the Nifty dropped 174.95 points or 0.70% to end the day at 24,826.20.
The decline was primarily led by FMCG, IT, auto, and metal stocks. Key sectoral indices reflected this downward pressure, with Nifty FMCG down 0.88%, Nifty IT lower by 0.75%, Nifty Auto slipping 0.70%, and Nifty Financial Services shedding 0.64%.
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In contrast, midcap and smallcap stocks showed resilience. The Nifty Midcap 100 rose 0.15% to close at 57,154.50, while the Nifty Smallcap 100 gained 0.10% to settle at 17,725.15. Analysts attributed this strength to better-than-expected Q4 earnings and a moderation in valuation premiums.
According to analysts, the Nifty has been consolidating for the past 10–11 sessions, indicating investor indecision. However, the index continues to trade above its short-term moving average, keeping the broader trend positive. He sees upside potential toward the 25,000–25,150 range, with key support near 24,700.
Sectorally, the session was mixed. While PSU banks and real estate stocks saw buying interest, broader pressure persisted in consumer goods, IT, automobile, and financials.