Sensex Closes At 72,529.07, Nifty Falls 64.05 Points As Oil Prices Extend Market Losing Streak

Mumbai: Indian stock markets slipped for a second straight day on Tuesday, as soaring crude oil prices and fluctuating global bond yields dampened investor sentiment. Shares of large-cap, mid-cap, and small-cap companies contributed to the broader market's downward pressure. The Sensex slumped 242.65 points, or 0.33 percent, to close at 72,529.07, while the Nifty slipped 64.05 points, or 0.28 percent, to end at 22,716.20.

Analysts cautioned that cautious investors were keeping a close watch on global markets and rising crude oil prices, which were keeping sentiment hesitant. IT and consumer shares, including Titan Company, led the decline on the Nifty, while Wipro and HCLTech dragged IT stocks lower. The Nifty MidCap and Nifty SmallCap indices declined 0.99 percent and 0.81 percent respectively, as investors reduced exposure to smaller companies.

Consumer durables, chemicals, real estate, and IT were among the weakest sectors. Pharmaceutical shares managed to offer some support, with the Nifty Pharma index holding up better than other sectoral gauges. Analysts flagged immediate resistance at 22,750-22,800 for the Nifty, while 22,550-22,600 was identified as the nearest support zone.

A break below 22,500 could potentially unleash more selling pressures and open up the 22,300-22,000 region for further decline. Despite the market's subdued mood, recovery attempts have been limited due to limited buying interest at higher levels. Crude oil prices rose over 2.5 percent after the US President rejected Iran's proposal related to the Strait of Hormuz.

Geopolitical developments, especially the US-Iran conflict, and changing global bond yields continued to cloud the near-term outlook. Analysts emphasized that recovery efforts would depend on any significant easing of tensions and that investors would likely remain selective, focusing on companies with stronger fundamentals and clearer earnings prospects.

As of the latest quote, the rupee stood at 95.97 against the US dollar, around 0.10 percent higher, as crude prices eased from recent highs. Analysts anticipated a short-term range of 95.65-96.15 for the Indian currency.