Sensex and Nifty Slip After Initial Gains; Reliance, Zomato Among Top Drags
"Sensex and Nifty reversed early gains to trade lower, with Reliance and Zom
Mumbai: Indian equity markets experienced a volatile session on Tuesday as benchmark indices Sensex and Nifty surrendered early gains to trade lower.
Heavy selling pressure in key stocks, including Reliance Industries and Zomato, dragged the indices into negative territory despite a positive opening.
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Market Performance in Early Trade
The 30-share BSE Sensex opened on a strong note, climbing 224.28 points to touch 77,297.72 in early trade. Similarly, the NSE Nifty gained 81.55 points, reaching 23,426.30. However, as the session progressed, both indices reversed their trajectory.
- Sensex: Down 309.55 points, settling at 76,763.89.
- Nifty: Declined by 41.45 points, trading at 23,303.30.
Key Stocks Driving Market Trends
Among the 30-share blue-chip pack, major laggards included:
- Zomato
- Adani Ports
- Kotak Mahindra Bank
- Reliance Industries
- NTPC
- State Bank of India (SBI)
- ICICI Bank
- Bharti Airtel
Meanwhile, top gainers in early trade were:
- UltraTech Cement
- Tata Motors
- Sun Pharmaceuticals
- ITC
- HCL Technologies
- Bajaj Finserv
- Asian Paints
- Larsen & Toubro
Domestic and Global Market Catalysts
Market analysts attribute Tuesday’s volatility to a mix of domestic and global factors.
- Domestic Triggers: Investors are closely monitoring major corporate earnings and developments related to the upcoming Union Budget 2025. These factors are likely to drive market sentiment in the coming days.
- Global Triggers: The return of Donald Trump as US President has introduced uncertainty in global markets. Trump recently announced new tariffs against Canada and Mexico, though he refrained from targeting China, keeping investors wary of potential trade disruptions.
Performance of Asian and US Markets
In Asia, major markets, including Seoul, Tokyo, Hong Kong, and Shanghai, traded in positive territory, reflecting optimism in the region.
- The US markets remained closed on Monday in observance of Martin Luther King Jr. Day.
Also Read | Indian Stock Market Ends on a Positive Note as US Prepares for Trump 2.0
Sectoral Highlights and FIIs Activity
Sector-wise, IT, pharma, and automobile stocks showed resilience, while banking, energy, and telecom sectors faced pressure.
Foreign Institutional Investors (FIIs) continued to offload equities, selling shares worth ₹4,336.54 crore on Monday, according to exchange data.
Crude Oil Prices and Impact
Global oil benchmark Brent Crude edged up 0.05% to trade at $80.19 per barrel. Rising crude prices remain a concern for the Indian economy, given its dependence on oil imports.
Market Recap for Monday
On Monday, the Sensex closed at 77,073.44, up by 454.11 points, while the Nifty gained 141.55 points to settle at 23,344.75.
What Lies Ahead for the Markets?
Market experts suggest that volatility is likely to persist as investors await clarity on domestic fiscal policies and global trade dynamics. Upcoming corporate earnings, the Union Budget, and geopolitical developments will remain in focus.
