Dalal Street dawned with disappointment as India’s benchmark indices opened lower on Tuesday, weighed down by a sharp correction in metal shares. By 9:23 AM, Sensex was down 175 points (0.21%) at 83,098, and Nifty retreated 78 points (0.31%) to 25,572. Metal stocks bore the brunt, pushing Nifty Metal and Commodities indices to the bottom of the performance chart.
The ripple effect spread to several key sectors, with Nifty Private Bank, Oil & Gas, Financial Services, Realty, Services, Infrastructure, Energy, and PSU Banks all registering losses. This sectoral weakness points to broader concerns over input costs, global demand slowdowns, and policy uncertainties.
Not all was gloomy, however. Defence, IT, Pharma, and FMCG sectors bucked the trend, trading positively and providing a silver lining for optimistic traders. These areas benefited from steady domestic demand and export tailwinds.
Mid and small-cap indices painted a divided picture: Nifty Smallcap 100 inched up 5.60 points to 17,056, contrasting with Nifty Midcap 100’s 125-point fall to 59,597. Such mixed signals often precede volatility in broader markets.
Sensex heavyweights showed split performances. Standouts on the upside were Asian Paints, Infosys, BEL, Indigo, HCL Tech, ITC, TCS, Tech Mahindra, Sun Pharma, SBI, L&T, and Titan. Laggards included Eternal, Tata Steel, ICICI Bank, UltraTech Cement, Bajaj Finance, Kotak Mahindra Bank, Trent, HDFC Bank, and NTPC, hit by profit-taking and sector headwinds.
Overseas, Asian peers were mixed—gains in Tokyo and Hong Kong offset losses in Bangkok, with others shuttered. Commodities added to the bearish vibe: Brent crude eased 0.38% to $68.39/bbl, WTI 0.27% to $63.39/bbl. Gold on Comex lost 1% to $4,969/oz, silver 2% to $75/oz.
As trading unfolds, eyes remain on US Fed signals, Chinese economic indicators, and rupee movements, which could dictate the day’s trajectory. Cautious positioning seems the norm for now.