BIZ DESK
– Indian benchmark indices, the Sensex and Nifty, surrendered early gains to end lower on Tuesday, as market sentiment turned cautious ahead of the two-day GST Council meeting scheduled to begin tomorrow. The decline was exacerbated by losses in key sectors like banking and pharmaceuticals, while the Nifty F&O expiry added to the volatility in the second half of the trading session.
The BSE Sensex, which had touched an intraday high of 80,761.14, saw a significant fall, dropping 752.64 points to hit a low of 80,008.50. It eventually closed 206.61 points, or 0.26%, lower at 80,157.88. The Nifty 50 followed a similar trajectory, slipping 233.75 points from its day’s high of 24,756.10 to an intraday low of 24,522.35. The index finally settled down by 45.45 points, or 0.18%, at 24,579.60.
Market analysts attributed the late-session slide to a combination of factors. “The pre-GST Council meeting jitters and the expiry of Nifty F&O contracts created a perfect storm for profit-booking, especially in the overextended banking and pharma sectors,” said a market expert from a leading brokerage house. “Traders were squaring off their positions, and there was a clear lack of fresh buying interest at higher levels.”
Sectoral Performance
The sectoral performance reflected the cautious mood. The Nifty Private Bank index was the biggest loser, declining 0.7%, followed by Financial Services (0.56%), Healthcare (0.33%), and Pharma (0.27%). Major drags on the indices included heavyweights like ICICI Bank and Dr. Reddy’s.
On the flip side, some sectors managed to defy the downtrend. The Nifty Media index surged 0.98%, with the Metal, Realty, and Consumer Durables indices also posting gains of 0.85%, 0.72%, and 0.24%, respectively. This indicated a rotation of capital into defensive and value-oriented sectors.
Top Movers
On the BSE, Power Grid, NTPC, and Tata Steel were the top gainers, supported by buying interest in the infrastructure and metals space. Conversely, Mahindra & Mahindra, ICICI Bank, and Asian Paints were among the major laggards, pulling down the Sensex.
Similarly, on the NSE, Tata Consumer, Nestle, and Power Grid were the top performers, highlighting resilience in the FMCG and power sectors. The biggest losers included Dr. Reddy’s, M&M, and ICICI Bank, which weighed heavily on the Nifty.
Broader Market Outlook
In a divergence from the frontline indices, the broader market indices closed in positive territory. The Nifty Midcap 100 index rose by 0.27%, while the Nifty SmallCap index finished 0.53% higher. This suggests that while large-cap stocks faced pressure, a healthy buying momentum persisted in the mid and small-cap segments, driven by retail and domestic institutional investors.
The market now awaits the outcomes of the GST Council meeting, which could provide fresh cues for the coming trading sessions. Investors will be closely watching for any announcements on tax rate changes or policy decisions that could impact various industries.
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Market Summary
- BSE Sensex: Fell 206.61 points (0.26%) to close at 80,157.88, after hitting an intraday high of 80,761.14 and a low of 80,008.50
- NSE Nifty 50: Dropped 45.45 points (0.18%) to settle at 24,579.60, slipping from a high of 24,756.10 to a low of 24,522.35
Sectoral Snapshot
Broader Market Performance
- Nifty Midcap 100: +0.27%
- Nifty Smallcap 100: +0.53%
- Nifty Microcap 250: Also ended higher
Top Gainers & Losers
BSE Gainers:
- Power Grid
- NTPC
- Tata Steel
BSE Losers:
- M&M
- ICICI Bank
- Asian Paints
NSE Gainers:
- Tata Consumer
- Nestle India
- Power Grid
NSE Losers:
- Dr Reddy
- M&M
- ICICI Bank
Key Drivers of Sentiment
- GST Council Buzz: Anticipation of rate rationalization and slab restructuring weighed on consumption-linked stocks. FMCG and auto sectors may benefit if reforms are announced
- India–US Trade Talks: Union Minister Piyush Goyal confirmed ongoing negotiations to ease tariffs, adding a layer of geopolitical uncertainty
- Global Cues: US markets remained closed for a public holiday, leaving Indian indices to navigate domestic triggers independently
Technical Outlook
Analysts flagged 24,500 as a key support level for Nifty. A breach could invite further downside toward 24,200, while resistance remains near 24,740. Bank Nifty’s underperformance continues, though PSU banks held steady.
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