Market Crashes Investors’ Hopes Again
Sensex plunged over 1000 points in just two trading sessions. Nifty closed below the crucial 25,850 mark as foreign investors continued aggressive selling and the rupee crossed 90 against the dollar.
Mumbai: The Indian stock market refused to find any footing even on Tuesday, the weekly expiry day for Nifty options. After a volatile session filled with sharp swings, the Sensex closed 412.13 points or 0.48% lower at 84,690.56, while the Nifty 50 settled 119.50 points or 0.46% down at 25,841.05. This came a day after Monday’s 610-point drop in Sensex, taking the total two-day loss to more than 1,021 points.
Full-Day Drama of Ups and Downs
Ajit Mishra, SVP – Research at Religare Broking Ltd, told our team, “The market opened weak and saw heavy selling in the first hour itself. A few large-cap heavyweights gave support in the middle session, leading to a decent recovery, but profit-booking returned in the final hour.” Interestingly, midcap and smallcap indices showed some relief after many days of sharp correction.
Sector Performance Remained Mixed
- Realty and Energy packs closed in green.
- IT, Auto, and Metal sectors faced maximum pressure.
- Banking stocks saw selective profit-booking.
Top Gainers and Losers of the Day
Top Gainers
- ETERNAL: +2.30%
- Titan Company: +2.12%
- Adani Ports: +1.07%
- BEL: +1.01%
Top Losers
- Asian Paints: –4.61% (biggest loser)
- Tech Mahindra: –1.99%
- HCL Tech: –1.78%
- Tata Steel: –1.74%
- Maruti Suzuki: –1.16%
Four Major Reasons Dragging the Market Down
- Uncertainty ahead of the US Federal Reserve meeting outcome on Wednesday.
- Reports of new tariffs on Indian rice exports.
- Non-stop selling by Foreign Institutional Investors (FIIs).
- Indian rupee weakening past the 90 mark against the US dollar.
Technical analysts say Nifty is now standing at a critical support of 25,800. A decisive breach below this can push the index towards 25,650 quickly. On the higher side, 26,000–26,200 remains a strong resistance zone.
Investor sentiment remains extremely cautious right now. The market can breathe only when FII selling stops and the rupee stabilises.
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Disclaimer: This article is for informational purposes only. Investment in the stock market is subject to market risks. Please consult your financial advisor before making any investment decisions.