Indian stock markets opened sharply lower on Tuesday as investors booked profits after the recent rally.
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MUMBAI — Indian stock markets opened sharply lower on Tuesday as investors booked profits after the recent rally.
Sentiment weakened further after reports suggested that US President Donald Trump may consider imposing new tariffs on Indian rice, raising fresh worries about unresolved trade issues between Washington and New Delhi.
The Sensex slipped 380 points, or 0.45 per cent, to 84,723 in early trade. The Nifty also moved in the same direction, falling 124 points, or 0.48 per cent, to 25,837.
“On the technical front, the Nifty now holds immediate support in the 25,800–25,850 range, while resistance is seen around 26,100–26,150, where repeated intra-day rejection highlights strong overhead supply,” experts said.
“A decisive breakout above this area will be essential for the index to regain upward momentum, while a sustained move below support may extend the ongoing consolidation,” they added.
The tone in the market remained cautious as major heavyweight stocks came under pressure.
Several blue-chip companies led the decline on the Sensex. Asian Paints, Tech Mahindra, Trent, Eternal, Reliance Industries, TCS, Ultratech Cement, Tata Steel, M&M, Tata Motors PV, HCL Tech, and BEL were among the top laggards, with losses of up to 2.5 per cent.
Only Hindustan Unilever and Bharti Airtel managed to stay in positive territory on the 30-share index.
The weakness was visible across the broader market as well. The Nifty MidCap index dropped 0.64 per cent, while the Nifty SmallCap index was down 0.61 per cent.
Sector-wise, the Nifty IT and Metal indices were among the worst performers, slipping 0.9 per cent and 0.8 per cent, respectively.
The Nifty Auto index also fell 0.8 per cent, while the Realty index declined 0.6 per cent.
Analysts said that the market mood turned cautious as global trade concerns resurfaced, prompting investors to trim their positions and wait for further clarity.