Sensex and Nifty Settle Lower Amid Oil Jitters, As Late Buying Cushions Market Losses

Sensex and Nifty Settle Lower Amid Oil Jitters, As Late Buying Cushions Market Losses​

Indian equity markets finished in the red for the second consecutive day on Tuesday, as volatility persisted amid mounting global concerns. While corporate earnings provided a backdrop of resilience, weakness in heavyweight private banks and persistent pressure from elevated crude oil prices weighed heavily on the benchmarks.

Benchmark Indices Show Resilience Amid Profit Pressure​

The Sensex closed at 77,470.11, marking a decline of 238.41 points or 0.31 percent. The Nifty finished slightly lower at 24,187.70, down 50.80 points, reflecting a day marked by caution among investors.

The market faced significant pressure during the late morning session, with the Nifty dipping to an intraday low of 24,135.65. However, strong buying momentum in the final trading hour helped mitigate sharp declines, allowing the index to recover some losses and settle near the 24,200 mark.

Broader Market Outperforms Sectoral Weakness​

Despite the marginal decline in both benchmark indices, the broader market demonstrated stronger performance. The Nifty Midcap 100 experienced a gain of 0.3 percent, while the Nifty Smallcap 100 advanced by 0.5%. This suggests relative stability and resilience within smaller-cap segments.

Sectorally, consumer services, metals, and Oil & Gas sectors saw slight declines, with FMCG, IT, and PSU Bank all registering losses of 0.3 to 0.8 percent. Conversely, the auto, metal, and realty sectors posted gains ranging from 0.6 to 1 percent.

Key Stock Movers and Blue Chip Performance​

Several major companies were among the key losers on the Nifty index, including HDFC Bank, TCS, Reliance Industries, SBI, and Dr Reddy's Lab. On the gainers list were Shriram Finance, Bajaj Finserv, HCL Technologies, Eicher Motors, and UltraTech Cement.

In significant corporate news, Bluestone Jewellery saw its share price surge 19.5 percent after reporting profitability in Q1. TVS Motor shares rose 5 percent following a 51.3 percent jump in Q1 profit to ₹1,174 crore, while Rallis India shed 5 percent despite reporting a 31.6% year-on-year rise in net profit for the quarter.

Rupee Recovers Lost Ground and Market Milestones Achieved​

The Indian rupee managed to erase the previous session's losses, trading at 96.24 per US dollar on Tuesday. This is an improvement from the previous close of 96.45.

Moreover, over 120 stocks reached their 52-week high on the BSE. These milestone achievers included Gabriel India, Titan Company, IndusInd Bank, and Adani Energy Solutions.

Focus on New Listing and Sectoral Strength​

SBI Funds Management shares made a powerful debut, closing 6.2 percent higher at ₹609.9 on the BSE. The stock listed at ₹613.30 on the NSE, which was a 6.85 percent premium to its IPO price, while it debuted at ₹610 on the BSE, showing a 6.27 percent premium.

The sectoral strength in auto and realty contrasts sharply with concerns surrounding crude oil prices and escalating geopolitical tensions in the Middle East, factors that continue to influence investor caution across Indian equities.