The BSE Sensex slipped 308.47 points, or 0.38%, to end at 80,710.25, while the NSE Nifty declined 66.20 points, or 0.27%, to close at 24,649.55.
Top Gainers & Losers
On the 30-stock Sensex pack, the shares of Adani Ports, Reliance Industries, Infosys, ICICI Bank, Eternal and BEL slipped between 0.7% and 2.4%.
Sectorally, FMCG and IT indices slipped 0.7% and 0.5%, respectively, while the Nifty Pharma index declined 0.8%.
Among individual movers, Godfrey Phillips India surged 10% after the company reported a 56% year-on-year rise in consolidated net profit for the June quarter and announced a 2:1 bonus share issue.
Reliance Power shares hit their 5% lower circuit, extending recent losses amid reports that the Enforcement Directorate (ED) is preparing to question bank officials linked to a Rs 17,000 crore loan fraud involving the group.BSE Ltd fell 4.3% following reports that India’s market regulator may impose restrictions on weekly expiry derivatives, prompting investor caution.The broader market also weakened, with the Nifty Midcap 100 down 0.4% and the Nifty Smallcap 100 lower by 0.2%.
Meanwhile, Aditya Infotech jumped as much as 8% on debut, delivering 51% listing gains to IPO investors and surpassing pre-listing expectations.
Expert Views
Lingering uncertainty over the tariff situation, following recent statements from the U.S. President, along with a lack of major positive surprises from the earnings season, has been weighing on market sentiment, said Ajit Mishra, SVP, Research, Religare Broking, adding that “All eyes are now on the outcome of the upcoming MPC meeting. While the committee is expected to hold rates steady amid global uncertainties, the tone of their commentary will be crucial.”
“Amid this corrective phase, select stocks across sectors are showing noticeable strength and offering buying opportunities. Participants should therefore maintain a stock-specific approach and focus on prudent position sizing,” said Mishra.
On a technical basis, the Nifty traded with a negative bias throughout the day, remaining below the 50EMA, said Rupak De, Senior Technical Analyst at LKP Securities, adding that on the daily chart as well, the index is comfortably placed below the 50EMA.
“The current range is 24,400–24,850, and in the short term, the index is likely to remain within this band. Only a decisive move beyond this range might determine the next course of action for the market,” said De.
Global Markets
World equities extended gains for a second straight session on Tuesday as investors grew increasingly confident that the U.S. Federal Reserve may step in to support the economy with a rate cut as early as September.
Wall Street rallied on Monday, buoyed by upbeat corporate earnings and mounting expectations of monetary easing, following Friday’s weaker-than-expected U.S. jobs data.
In Europe, the STOXX 600 climbed 0.4% in early trade on Tuesday, mirroring gains across Asian markets, where MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.8%.
The softer nonfarm payrolls print has bolstered the case for a Fed pivot, with the outlook further complicated by President Donald Trump’s abrupt dismissal of the head of labor statistics responsible for the release.
Elsewhere, Bitcoin edged 0.6% lower to $114,235, while gold inched up 0.1% to $3,375 an ounce.
Crude Impact
Oil prices held steady on Tuesday as markets weighed rising OPEC+ supply and concerns over weakening global demand against renewed geopolitical tensions, following U.S. President Donald Trump’s threat to impose tariffs on India over its continued imports of Russian crude.
Brent crude futures slipped 36 cents, or 0.5%, to $68.40 a barrel by 0910 GMT, while U.S. West Texas Intermediate (WTI) fell 41 cents to $65.88. Both benchmarks had declined more than 1% on Monday, settling at their lowest levels in a week.
Rupee vs Dollar
The Indian rupee weakened for a second straight session on Tuesday, closing at 87.8000 against the U.S. dollar, down 0.2% from Monday’s 87.6550, as escalating trade tensions with the United States weighed on sentiment, though suspected central bank intervention helped limit losses after the currency touched an intraday low of 87.8850, narrowly avoiding a breach of its record low of 87.95 hit in February.
Meanwhile, the dollar index slipped 0.3% to 98.967 as of 1007 GMT.
(with inputs from agencies)
