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by IANS |
Mumbai, Jan 20 (IANS) The Indian stock market extended its losses on Tuesday, ending the session sharply lower as investors remained cautious amid rising global tensions and continued to react to company-specific developments during the ongoing Q3 earnings season.
Benchmark indices witnessed heavy selling throughout the day. The Sensex closed at 82,180.47, down 1,065.71 points or 1.28 per cent.
Meanwhile, the Nifty settled at 25,232.5, slipping 353 points or 1.38 per cent by the end of the session.
“On the daily chart, the index appears to be drifting towards the 200-DMA. Immediate support is seen around 25,100–25,150. If this level holds, a decent pullback can be expected," an expert stated.
Selling pressure was visible across most frontline stocks. Except for HDFC Bank, all Sensex constituents ended in the red.
Stocks such as Bajaj Finance, Eternal, Sun Pharma and IndiGo were among the biggest losers and dragged the indices lower.
Trent, Asian Paints, Mahindra and Mahindra, Bajaj Finserv, Tata Steel, Tech Mahindra were among the biggest losers on the Sensex.
Sectoral performance was also weak, with all major indices closing lower. The Nifty Realty index led the decline, plunging more than 5 per cent.
This was followed by the Nifty Auto, which fell 2.56 per cent, and the Nifty IT, which declined 2.06 per cent.
The broader market saw even sharper cuts compared to the benchmark indices. The Nifty Midcap index dropped 2.62 per cent, while the Nifty Smallcap index slipped 2.85 per cent.
Analysts said that the sharp fall highlighted investor nervousness amid uncertain global cues and cautious positioning ahead of more corporate earnings announcements.
Meanwhile, Rupee traded flat near 90.90 as geopolitical tensions among NATO members and uncertainty around US interests in Greenland, driven by its rare-earth resources, kept market sentiment cautious.
“The currency remains range-bound with participants awaiting fresh triggers from the Union Budget due on Feb, while the US Fed’s policy decision later this month is expected to add volatility,” an expert said.
“The rupee is likely to trade between 90.45 and 91.45 in the near term," as per the analyst.
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