Market slumps for third straight session amid global uncertainty, profit booking
India's equity markets extended their decline for a third consecutive session on Tuesday, dragged down by broad-based selling pressure and profit booking at elevated levels. Weak global cues, lingering geopolitical tensions, and currency market volatility-fuelled by a softening US dollar-further dampened investor sentiment, deepening the downturn.
Despite a positive opening, market sentiment turned weak in the second half. The Nifty 50, after hitting an intraday high of 24,845, settled at 24,542.50, down 174 points or 0.70%, from the previous day's closing. The BSE Sensex mirrored similar trends, closing the day with a loss of 636 points, or 0.78%, at 80,737.51. The benchmarks have fallen by about 1.4% each in the past three sessions.
The broader indices showed a mixed trend — the smallcap index closed almost flat, while the midcap index lost nearly half a per cent. Sectorally, most indices closed in the red. The Nifty Realty index was the outlier, gaining 1%, supported by continued investor interest in housing and commercial real estate segments amid favourable demand dynamics.
Vinod Nair, Head of Research, Geojit Investments, said that profit booking is evident across sectors, except for real estate stocks, supported by expectations of an interest rate cut by the RBI.
'Mid- and small-cap stocks are experiencing relatively less consolidation than large caps due to better earnings growth & moderation in premium valuation. While short-term consolidation is likely to persist, strong domestic oriented players are estimated to provide outperformance against external volatility,' added Nair.
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