Benchmark indices snapped a two-day winning streak on Tuesday, May 26, amid profit booking, weak global cues and a sharp rise in crude oil prices following escalating tensions in the Middle East.
Sensex declined 479 points, or 0.63 percent, to close at 76,009.70
Nifty 50 shed 118 points, or 0.49 percent, to settle at 23,913.70
Nifty slipped below the key 23,950 mark
Broader market remained resilient despite weakness in frontline indices
BSE Midcap index gained 0.33 percent
BSE Smallcap index rose 0.21 percent
Overall market capitalisation of BSE-listed companies remained steady at ₹469 lakh-crore
Mid-cap index touched an all-time high during the session
Market sentiment remained cautious amid uncertainty over a possible US-Iran peace deal. Reports of US military operations in southern Iran pushed crude oil prices higher and weakened the rupee.
Following the US strikes, Israel reportedly intensified attacks on Hezbollah-linked sites in Lebanon, while Hezbollah launched explosive drones targeting Israeli troops.
Rupee weakened by 47 paise to close at 95.73 against the dollar
Brent crude surged more than 3 percent to trade above $99 per barrel
“Near-term optimism around a potential US-Iran peace deal faded sharply following reports of US military operations in southern Iran, triggering a spike in crude prices and reversing the rupee’s brief appreciation,” said Vinod Nair of Geojit Investments.
“The monthly F&O expiry further amplified technical selling pressure in an already risk-off environment, leading domestic equities to close lower. Despite this, mid-cap resilience stood out,” he added.
Major losers in the Nifty 50 included:
Apollo Hospitals Enterprise
Wipro
Bharti Airtel
Trent
Tata Consultancy Services
Titan Company
Top gainers included:
Adani Enterprises
Tata Motors
Tech Mahindra
Most sectoral indices ended in the red.
Nifty Consumer Durables fell more than 1 percent
Bank Nifty slipped 0.36 percent
Private Bank index declined 0.62 percent
PSU Bank index lost 0.46 percent
Nifty Financial Services dropped 0.65 percent
Nifty Metal bucked the trend, gaining 1.10 percent
Nagaraj Shetti of HDFC Securities said the market faces resistance around the 24,100 level.
Immediate support for Nifty seen at 23,800
Analysts believe the short-term positive trend remains intact
A move above 24,100 could revive bullish momentum
Analysts at Bajaj Broking said the Nifty closed below its 50-day EMA.
Immediate support placed at 23,600
A break below 23,600 may extend consolidation
Major short-term support seen in the 23,200-23,000 zone
(By arrangement with livemint.com)
