SENSEX closed 206 points lower at 78,078 and NIFTY50 ended 76 points lower at 24,353 around 3:30 PM on Tuesday, marking a significant reversal from earlier gains. According to Business Standard, the indices had started the session above 78,400, climbing more than 100 points, while the NSE Nifty50 rang the opening bell over 24,450, inching up close to 30 points as of 9:15 AM. The positive momentum from the early morning session was completely erased by afternoon trading, with the upside capped by weakness in Trent, Larsen & Toubro, Reliance Industries, ICICI Bank and Bharat Electronics. The overall market breadth remained weak with 1,513 shares rising against 2,432 declines on BSE.
IT shares emerged as the top performers with the Nifty IT index jumping 2.51% to 27,960.20, as reported by Business Standard. This represents a significant turnaround from the previous session when the IT index had fell 0.59%. Infosys led the gains with a 3.49% surge to ₹1,079.40, followed by HCL Technologies (up 2.97% to ₹1,167.40), Tech Mahindra (up 2.72% to ₹1,444.90), SBI Life Insurance (up 2.51% to ₹1,834.10), Titan (up 2.48% to ₹4,593.20), and TCS (up 1.56%). The strong performance of IT stocks provided significant support to the broader market indices, with the sector's outperformance coming despite broader market weakness.
HDFC Bank, Axis Bank, ICICI Bank, Bharat Electronics and Bharti Airtel emerged as top gainers in the SENSEX pack, as reported by The Hindu. These banking stocks gained momentum after they surprised market participants by posting better than expected quarterly business updates. Among the NIFTY 50 stocks, Bharat Electronics, HDFC Bank, Axis Bank and Hindalco were the top gainers, while Kotak Mahindra Bank, Power Grid, TCS and Bajaj Finserv were among the major laggards. The strong quarterly performance from these major private sector banks provided significant support to the broader market indices.
Trent was the session's biggest casualty, plunging 11.86% to ₹2,948.50 from its previous close, making it the sharpest single-stock decline on the Nifty 50, according to Business Standard. Coal India fell 1.53% to ₹425.45, Hindalco Industries shed 1.57% to ₹964.85, and Adani Enterprises declined 1.72% to ₹3,157.30. Larsen & Toubro slipped 1.36% to ₹3,982.10, pulling the infrastructure segment lower. These individual stock movements highlight the mixed sentiment across different sectors and company-specific developments.
SBI Securities flagged the 24,380–24,400 zone as immediate support for Nifty, with resistance at 24,630–24,650, as reported by The Hindu BusinessLine. A breakout above 24,650 could extend the rally toward 24,850, while a slip below 24,380 opens downside toward 24,230–24,250. India VIX remained below the 12-mark for the third consecutive session, keeping the volatility environment benign. For Sensex, support is pegged at 78,200 and resistance at 79,000. Bank Nifty, which opened near 58,572 by breaking above its 58,400–58,500 resistance zone, now needs to sustain above 58,500 to target 58,700–58,800 and eventually the 59,000 mark. On the options front, meaningful call writing has been seen at the 24,600 and 24,700 strikes, while the 24,500 put holds substantial open interest.
