Mumbai, Sep 1 (SocialNews.XYZ) Benchmark equity indices extended their losses for the second consecutive session on Tuesday, weighed down by selling pressure in bank, auto, realty and healthcare stocks amid renewed tensions between the US and Iran.
The 30-share Sensex declined 12.99 points, or 0.02 per cent, to 76,944.28, while the broader Nifty fell 24.60 points, or 0.1 per cent, to 24,055.80.
Commenting on Nifty technical outlook, experts said that the 24,150–24,200 region is likely to act as the immediate resistance zone.
"A sustained move above 24,200 would be required to stabilize the index and support a recovery towards the broader 24,300–24,400 resistance band. Until the index decisively reclaims these levels, selling pressure at higher levels is likely to persist," a market expert stated .
"On the downside, sustained trading below 24,000 psychological level could drag the index towards the 23,900–23,800 region," an analyst mentioned.
Among the Nifty constituents, Shriram Finance, Maruti Suzuki India and InterGlobe Aviation emerged as the top losers, adding to the pressure on the benchmark indices.
The broader market also remained under pressure, with the Nifty MidCap index declining 1.39 per cent and the Nifty SmallCap index falling 0.23 per cent.
Sectoral indices presented a mixed picture. Nifty Healthcare, Nifty Auto, Nifty Realty and Nifty Pharma underperformed the broader market.
On the other hand, Nifty FMCG and Nifty IT managed to outperform, providing some support to the overall market amid heightened geopolitical uncertainty.
Market experts said that investors remained cautious as renewed US-Iran tensions added to concerns over global economic stability and market sentiment, keeping volatility elevated.
"In the near term, market trends are likely to be driven by developments in energy markets, global monetary policy expectations, and capital flows into emerging economies," a market expert noted.
Source: IANS
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