Sensex Falls 747 Points, Nifty Below 24,800 Amid Global Weakness
The Indian stock market started Tuesday’s trading session on a negative note, with both benchmark indices — Sensex and Nifty — slipping due to weak global cues and heavy selling in IT, auto, pharma, and financial services sectors.
Mumbai: The Indian stock market started Tuesday’s trading session on a negative note, with both benchmark indices Sensex and Nifty slipping due to weak global cues and heavy selling in IT, auto, pharma, and financial services sectors.
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Sensex and Nifty Open Lower, Dragged by IT and Financial Stocks
As of 9:28 AM, the BSE Sensex was trading at 81,428.76, down by 747.69 points or 0.91%, while the Nifty 50 fell by 204.10 points or 0.82% to trade at 24,797.05.
The Nifty Bank index dropped by 366.95 points or 0.66%, standing at 55,205.05. Meanwhile, the Nifty Midcap 100 showed marginal movement, trading at 57,062.60 after falling 4.65 points, and the Nifty Smallcap 100 rose slightly by 36.60 points or 0.21%, reaching 17,744.40.
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Technical Analysis: Nifty Breaks Out of Consolidation Zone
According to Devarsh Vakil, Head of Prime Research at HDFC Securities, the Nifty has technically broken out of its consolidation zone (24,500–25,000), indicating regained momentum.
“Immediate resistance is now seen at 25,207, based on the 76.4% Fibonacci retracement from the fall of 26,277 to 21,743. Support on the downside lies at 24,800,” Vakil said.
Top Losers and Gainers on Sensex
Among the top losers in the Sensex pack were:
- NTPC
- M&M
- HCL Tech
- Tech Mahindra
- Infosys
- TCS
On the other hand, IndusInd Bank emerged as the only top gainer in early trade.
Asian Markets Trade in the Red; US Markets Closed on Memorial Day
Asian indices also reflected negative sentiment:
- Bangkok, Seoul, Hong Kong, China, and Japan were trading in the red.
- Jakarta was the only market in the green.
US markets remained closed on Monday for Memorial Day, but on the previous session (Friday), major indices ended lower:
- Dow Jones: 41,603.07 (-256.02 pts / 0.61%)
- S&P 500: 5,802.82 (-39.19 pts / 0.67%)
- Nasdaq: 18,737.21 (-188.53 pts / 1.00%)
Institutional Investors Remain Net Buyers
On the institutional front:
- Foreign Institutional Investors (FIIs) were net buyers, purchasing equities worth ₹135.98 crore.
- Domestic Institutional Investors (DIIs) were also buyers, investing ₹1,745.72 crore in equities on May 26.
Volatility Likely to Continue
Despite weak openings, market experts note that long-term SIP investments and domestic participation are likely to offer market support. However, volatility is expected to persist due to global economic cues and sectoral weaknesses.
