Geopolitical headwinds battered Indian equities right from the opening bell on Tuesday, with the Sensex tumbling 214 points to hover around 83,032, down 0.26 percent. The Nifty mirrored the sentiment, dropping 77 points or 0.3 percent to 25,508 as the trading session kicked off.
Despite some sparks from third-quarter earnings, the overall mood remained subdued. Broader markets felt the pinch too, as Nifty Midcap lost 0.51 percent and Smallcap dipped 0.65 percent.
Diving into sectors, Realty led the declines with a sharp 1.3 percent drop, while IT and Pharma sectors fell 0.77 percent and 0.45 percent respectively. Bright spots included PSU Banks, which climbed 0.86 percent, and Metals up 0.48 percent.
In the Sensex constituents, Indigo, Bajaj Finance, Asian Paints, Bajaj Finserv, Trent, HCL Technologies, and Tech Mahindra posted the steepest losses. Bucking the trend, Kotak Mahindra, State Bank of India, UltraTech Cement, ITC, HUL, and NTPC registered gains to top the gainers’ chart.
According to seasoned traders, weak Q3 previews, ongoing offloading, and escalating global tensions are denting confidence. Following yesterday’s sell-off in blue-chips and midcaps, the market is in a wait-and-watch mode ahead of major announcements.
For Nifty, the 25,700-25,750 zone poses stiff resistance, repeatedly capping upside attempts. On the downside, 25,400-25,450 acts as crucial support. A break below could unleash more pressure, eyeing 25,300-25,350.
The uptick in India VIX underscores expectations of continued volatility, driven by international cues and defensive positioning. Investors are bracing for swings as the week unfolds with critical triggers on the horizon.