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The stock market on Tuesday settled lower for a second straight session. The development comes as caution prevailed ahead of the US Federal Reserve's policy announcement.
At close, the Sensex settled 436.41 points or 0.51% lower at 84,666.28, while Nifty slipped to 25,839.65, down 120.90 points or 0.47%. The BSE Midcap index ended 0.60% higher, while the Smallcap index jumped 1.27%. Across sectors, most indices ended in the red. Those clocking gains were Nifty Consumer Durables (1.31 %), PSU Bank (1.29%), Realty (0.95%), and Media (0.70%). Among the losers, the key ones were Nifty IT, which was down by 1.19%, Auto by 0.72%, and Financial Services by 0.50%. Nifty Bank ended with a nominal loss of 0.03% at 59,222.35. On the BSE, out of 4,331 stocks traded, 2,619 advanced, while 1,554 declined, and 158 stocks remained unchanged. Some of the key gainers on Nifty were Eternal - up by 2.28%, Titan Company (1.94%) and Adani Enterprises (1.53%). On the losing end were Asian Paints - down by 4.60%, Tech Mahindra (1.90%), and HCL Technologies (1.82%). "The short-term texture of the market is still on the weak side. Additionally, on daily and intraday charts, it is holding a lower high formation, which supports further weakness from the current levels. We are of the view that the current market texture is weak but oversold, hence we could see an extension of the pullback rally in the near future," said Shrikant Chouhan, Head Equity Research, Kotak Securities. Notably, the global cues also remained. US markets closed in the red on Monday as investors turned cautious ahead of the Fed decision. In the Asian market, Hong Kong's Hang Seng, South Korea's KOSPI and Shanghai's SSE Composite also traded lower. Indian stock markets opened in heavy selling mode after fresh remarks by US President Donald Trump indicating an additional tariff on rice imports into the United States. On Monday, President Donald Trump indicated he may introduce new tariffs on agricultural imports, specifically targeting Indian rice and Canadian fertiliser, as trade conversations continue without substantial progress. The US President made these remarks during a meeting at the White House, where he unveiled USD 12 billion in fresh support for American farmers, saying imports were challenging domestic producers. (ANI)
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