Mumbai’s bustling stock market opened in the red on Tuesday, reflecting heightened global uncertainties that continue to cast a shadow over investor sentiment. The BSE Sensex, India’s benchmark index, shed 214 points or 0.26 percent to trade at 83,032, while the Nifty 50 slipped 77 points or 0.3 percent to 25,508 in early trade.
This downturn comes amid mixed quarterly results from corporate heavyweights, sparking selective buying in some pockets even as broader markets struggled. Midcap and smallcap indices mirrored the weakness, with Nifty Midcap down 0.51 percent and Nifty Smallcap declining 0.65 percent.
Sectoral performance painted a varied picture. Realty took the biggest hit, plunging 1.3 percent, followed by IT at 0.77 percent and Pharma at 0.45 percent. On the flip side, PSU Banks surged 0.86 percent, and Metals gained 0.48 percent, offering some respite.
Heavyweights like InterGlobe Aviation, Bajaj Finance, Asian Paints, Bajaj Finserv, Trent, HCL Tech, and Tech Mahindra led the losers in the Sensex pack. In contrast, Kotak Mahindra Bank, SBI, UltraTech Cement, ITC, Hindustan Unilever, and NTPC emerged as top gainers, buoying the index somewhat.
Market analysts attribute the slide to disappointing Q3 earnings signals, persistent selling pressure, and resurging geopolitical risks. After Monday’s broad-based weakness, investors appear cautious ahead of key global and domestic events, favoring a risk-off approach.
Experts highlight 25,700-25,750 as immediate resistance for Nifty, where rallies have repeatedly faltered. Support lies at 25,400-25,450; a breach could trigger further selling, potentially dragging the index to 25,300-25,350.
India VIX, the market’s fear gauge, edged higher, signaling mild volatility ahead amid global economic cues and risk aversion strategies. As traders navigate these choppy waters, the market’s direction hinges on upcoming data and developments.