Sensex tanks 519 points as IT, metals drag down market
Indian equities retreated from earlier advances on Tuesday as investors unloaded technology and metal stocks during afternoon trading. The Sensex fell 519.34 points to settle at 83,459.15, while the Nifty dropped 165.70 points to close at 25,597.65.
Market analysts noted the Nifty continued forming lower peaks and troughs, sliding beneath the 25,600 threshold. Technical indicators suggest additional near-term pressure may persist, with initial support appearing around 25,570 at the 21-day moving average. Power Grid, Eternal, Tata Motors Passenger Vehicles, Tata Steel and Maruti Suzuki posted the steepest declines among benchmark components. Titan, Bharti Airtel, Bajaj Finance, Mahindra & Mahindra and State Bank of India recorded increases.
Mid-cap shares decreased 0.42 percent as small-cap stocks lost 0.82 percent. The metal gauge tumbled 1.44 percent for the session’s worst performance, followed by automotive names down 0.86 percent. Consumer durables provided the lone bright spot with a 0.39 percent advance. Observers attributed the weakness to unfavorable overseas signals and selling in prominent stocks ahead of a week shortened by holidays.
