The benchmark stock market indices concluded the day in negative territory on Tuesday, with investors exercising caution due to weak global cues and increased selling by foreign investors.
The S&P BSE Sensex closed 78.22 points lower at 65,945.47, while the NSE Nifty 50 settled down by 9.85 points at 19,664.70. The broader markets displayed a mixed performance, reflecting the high volatility seen on Dalal Street.
It's worth noting that both benchmark indices have experienced a decline of approximately 2.5 percent in the past week, primarily triggered by the hawkish stance adopted by the US Federal Reserve.
Among the sectoral indices, Nifty Auto and Nifty FMCG managed to gain ground, while heavyweight sectors like Nifty Bank, Nifty Financial Services, and Nifty IT faced declines, influenced by the prevailing sentiment in the domestic market.
The top performers on the Nifty 50 included Eicher Motors, Hero MotoCorp, Nestle India, ONGC, and Bajaj Auto. Conversely, the top losers were Cipla, Tech Mahindra, IndusInd Bank, Adani Enterprises, and Asian Paints.
In addition to the US Federal Reserve's hawkish stance, the continued selling activity by foreign institutional investors throughout September has contributed to the overall weaker sentiment.
Ameya Ranadive, a research analyst at Choice Broking, commented, "From a broader market perspective, both key indices exhibited a bearish trend. If the Nifty index breaches the support level at 19,700, the next support is expected around the 19,600 to 19,500 range. Conversely, the immediate resistance for the Nifty is situated at 19,800 to 19,850."
