Benchmark stock market indices closed lower on Tuesday after having seen a rise in early trade. The markets were dragged by a decline in Adani group stocks despite gains in IT and FMCG stocks.
The S&P BSE Sensex was down 105.79 points to 80,004.06, while the NSE Nifty50 lost 27.40 points to 24,194.50.
Ajit Mishra – SVP, Research, Religare Broking Ltd said that markets traded within a range and ended flat, pausing after the recent rebound.
“Nifty oscillated in a narrow band before settling at 24,192. Sectoral trends were mixed, with IT and FMCG edging higher, while auto, pharma, and energy ended in the red. Broader indices showed a similar trend, with smallcaps gaining nearly 1%,” he added.
Vaibhav Vidwani, Research Analyst, Bonanza said that despite some volatility, the market was buoyed by strong performances in the IT and FMCG sectors, which helped offset declines in other areas such as Auto.
Nifty’s consolidation is unfolding as expected post-rebound. Banking and IT remain the key drivers, but a decisive move beyond the 24,350 hurdle will require broader participation from other heavyweight sectors. Traders are advised to stay selective, using dips to accumulate quality stocks, as long as Nifty holds above the 23,800 level.