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Indian Stocks Tumble to 6-Month Lows
29 Sep
Summary
- Nifty 50 and Sensex reached fresh six-month lows on Tuesday.
- Broader markets, including mid and small-cap indices, also declined.
- Realty, Consumer Durables, and Chemicals sectors led the sectoral losses.
Indian equity benchmarks, the Nifty 50 and BSE Sensex, extended their decline on Tuesday, reaching fresh six-month lows. The Nifty 50 closed down 0.28% at 22,716.20, and the Sensex fell 0.33% to 72,529.07. This downward movement was mirrored in the broader markets, with the Nifty Midcap 100 falling 1% and the Nifty Smallcap 100 declining by 0.81%.
Sectoral performance was largely negative, with Nifty Realty, Nifty Consumer Durables, and Nifty Chemicals each dropping over 2%. Conversely, the Nifty Metal and Nifty Pharma indices managed to gain up to 0.7%. Market sentiment remained bearish, as evidenced by the negative market breadth, with 2,039 stocks declining out of 3,679 traded on the NSE.
Technical analysis suggests that the 22,800 region acts as immediate resistance for the Nifty. Strong selling pressure is observed at higher levels, with the 23,500-23,600 zone seeing limited buying interest. This indicates that broader recovery attempts may remain subdued in the near term.
