Metal and Auto Stocks Offer Some Support
AMN / BIZ DESK
Benchmark equity indices extended their losing streak to the eighth consecutive session on Tuesday, though losses remained modest in a largely range-bound trade. Investor sentiment stayed cautious amid persistent concerns over global growth outlook, elevated crude oil prices, and foreign institutional investor (FII) outflows.
The BSE Sensex declined 97 points, or 0.12%, to close at 80,268, while the NSE Nifty50 slipped 24 points, or 0.1%, to settle at 24,611. Broader market indices ended flat, with both the BSE Mid-Cap and Small-Cap indices almost unchanged, reflecting mixed participation.
In the Sensex pack, 17 of the 30 constituents managed to close higher. Ultratech Cement and Adani Ports gained over 1.4% each, while Tata Motors climbed nearly 1.2% and Bharat Electronics Limited (BEL) advanced close to 1%. On the downside, Bharti Airtel and ITC each fell about 1.2%, while Trent slipped over 1.1%.
At the sectoral level, weakness dominated the market as 15 of the 21 BSE sectoral indices closed in the red. Telecom was the worst-hit, down 0.9%, followed by Realty and Consumer Durables, which lost nearly 0.8% each. The Technology index (Teck) also shed about 0.5%. In contrast, buying support in Metals (up 1.1%), Commodities (up 0.6%), and Auto (up 0.3%) lent some cushion to the indices.
Market breadth remained evenly poised. Out of the total traded stocks on the BSE, 2,047 advanced, 2,046 declined, and 167 remained unchanged, reflecting a largely balanced but directionless market mood.
Analysts noted that sustained FII selling, coupled with volatility in global markets, is keeping investors on edge. They added that upcoming macroeconomic data and corporate earnings will be crucial in determining near-term market direction.