Tuesday's trading session witnessed a downturn in benchmark stock market indices, primarily attributed to a significant decline in information technology shares.
At the closing bell, the S&P BSE Sensex recorded a decline of 195.16 points, settling at 73,677.13, while the NSE Nifty50 ended 49.30 points lower at 22,356.30.
Throughout the trading session, several broader market indices struggled to maintain positive momentum. Although Nifty PSU Bank and Nifty Auto exhibited gains of over 2.5 percent and 1.3 percent, respectively, the Nifty IT index experienced a notable decline of 1.5 percent, while Nifty FMCG also dipped by over 1 percent. The negative performance of the Nifty Financial Services index further exacerbated the subdued sentiment prevailing on Dalal Street.
Among the top performers in the Nifty50 were Tata Motors, Bharti Airtel, Bajaj Auto, SBI, and ONGC, whereas Bajaj Finserv, Bajaj Finance, Nestle India, Infosys, and TCS emerged as the top losers.
In particular, IIFL Finance shares witnessed a substantial decline of 20 percent, reaching a lower circuit following the Reserve Bank of India's directive to prohibit the company from sanctioning and disbursing gold loans.
Conversely, Tata Motors shares surged past the Rs 1,000 mark, reaching a 52-week high, buoyed by the endorsement of the company's strategic plan to divide its business into two separate listed entities by several brokerage firms.
Analyzing market trends, Mandar Bhojane, a research analyst at Choice Broking, noted, “The Nifty index exhibited another DOJI candlestick pattern after testing its robust support at 22,300, indicating a state of indecision between the bulls and bears.”
Bhojane further elaborated, “If the price breaches the 22,460 level, there exists potential for a further upward movement towards 22,600 and 22,700. Conversely, the immediate support for the Nifty is identified at 22,300.”
