Benchmark stock market indices closed lower on Tuesday on the monthly expiry day as investors booked profit, with IT and consumer durables witnessing declines.
The S&P BSE Sensex lost 313.70 points to close at 84,587.01, while the NSE Nifty50 was down by 74.70 points to end at 25,884.80.
Vinod Nair, Head of Research, Geojit Investments Limited, said that the domestic market witnessed sharp volatility on monthly expiry day, driven by a weakening INR and continued FII outflows.
“Caution prevailed as investors awaited clarity on a possible rate cut in the upcoming FOMC meeting and progress on the Indo-US trade deal, despite some improving signals. Selling pressure is visible near the 26,000 level, though downside appears limited given strong domestic fundamentals, including a solid earnings outlook for H2. PSU banks and real estate stocks outperformed, supported by a strong revival in home loan demand and rising market share for PSU banks,” he added.
Among the top gainers, Bharat Electronics led the pack with a rise of 1.57%, followed by State Bank of India, which inched up 1.44%. Tata Steel also ended higher with a gain of 0.64%, while Eternal added 0.53%. Bharti Airtel rounded off the list of top gainers, climbing 0.46%.
The biggest loser of the day was Trent, which fell 1.59%, followed by Tech Mahindra Ventures (TMPV), down 1.62%. Infosys declined 1.25%, while Power Grid dropped 0.99%. HDFC Bank also slipped 0.93%, adding to the market drag.
Vatsal Bhuva, Technical Analyst at LKP Securities, said that Nifty formed a bearish candlestick for the third consecutive session, again attempting to cross 59200 but encountering selling pressure at that level.
“RSI has now drifted into a bearish crossover on the daily chart, adding to the cautionary tone. These technical readings suggest the index may trade in a sideways to mildly bearish trend over the next two to four sessions, with potential retracement towards the 20-day EMA at 58300–58400. Immediate support is seen at 58300, resistance remains at 59200, while positional support lies near 58000,” he added.
