Sensex sheds over 1,400 points, Nifty ends below 24,000 mark
At close, the Sensex declines 1,456.04 points or 1.92 per cent to settle at 74,559.24, while the Nifty fell 436.30 points or 1.83 per cent to close at 23,379.55
Indian benchmark indices ended sharply lower on Tuesday amid a steep rise in crude oil prices, persistent weakness in the Indian rupee, and continued FII selling pressure, all of which weighed heavily on overall investor sentiment.
At close, the Sensex declined 1,456.04 points or 1.92 per cent to settle at 74,559.24, while the Nifty fell 436.30 points or 1.83 per cent to close at 23,379.55.
India Volatility Index (VIX) also remained elevated above the 19 mark, indicating heightened market volatility.
Selling pressure remained broad-based across sectors, with no major sector managing to close in the green. Nifty Realty emerged as the top loser, followed by IT and Consumer Durables, with these indices correcting between 2 per cent and 5 per cent, as per Bajaj Broking Market Commentary.
The broader market also witnessed a sharp correction, indicating widespread risk aversion beyond frontline indices. The Nifty Midcap100 index declined 2.54 per cent, while the Nifty small-cap index tumbled 3.17 per cent.
In terms of Nifty outlook, the index formed a sizable bearish candlestick pattern with a lower high and a lower low and a bearish gap above its head (23,757-23,800) signalling extension of the corrective decline for the fourth session in a row.
Nifty on Tuesday’s session breached the lower band of the last three weeks’ consolidation range of 23,800-24,400 and witnessed sharp decline throughout the session to close below the 23,400 levels.
