Benchmark Indices Fell 200 Points from day High
India’s benchmark indices erased a large part of their early gains on Tuesday as investors turned cautious at higher levels amid weak global signals and pressure on the rupee. The market opened on a strong note, but profit booking during the second half of the session limited the upside. During... The post Benchmark Indices Fell 200 Points from day High appeared first on Equitypandit.
India’s benchmark indices erased a large part of their early gains on Tuesday as investors turned cautious at higher levels amid weak global signals and pressure on the rupee. The market opened on a strong note, but profit booking during the second half of the session limited the upside.
During early trade, the Sensex climbed 431 points to 75,746.27, while the Nifty advanced over 132 points to touch 23,782.30. However, selling activity intensified around noon, dragging the indices lower from the day’s peak. By 1 PM, the Sensex traded at 75,537.43, still higher by 222 points, whereas the Nifty stood at 23,715.40, gaining nearly 65 points.
Several factors contributed to the sharp reduction in gains. Investors booked profits after the previous session’s modest rally, where the Sensex ended above the 75,300 mark and the Nifty settled close to 23,650. Traders preferred to lock in gains as markets approached key resistance zones.
Global market weakness also weighed on sentiment. Asian indices, including Japan’s Nikkei 225 and South Korea’s Kospi, traded lower during the session, while US futures slipped up to 0.6%, indicating a subdued start for Wall Street. Concerns over global economic uncertainty and cautious investor positioning continued to impact risk appetite across equity markets.
The Indian rupee added to market pressure after weakening against the US dollar. The currency opened 18 paise lower at 96.38 amid a stronger dollar index and rising US Treasury yields. Forex dealers highlighted that escalating tensions between the United States and Iran pushed crude oil prices higher, increasing worries over disruptions in the Strait of Hormuz, a crucial route for global oil shipments and trade with Gulf nations.
Analysts believe continued volatility in global markets, crude oil prices, and currency movements may keep domestic equities range-bound in the near term.
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