Indian stock markets were largely muted on Tuesday, with the Sensex and Nifty erasing early gains to close in the red after a sharp rally in the opening session. The Sensex fell 70 points to close at 76,766, while the Nifty 50 closed nearly 11 points lower at 23,985. Broader markets were mixed, with the Nifty Smallcap 100 index ending in the red and the Nifty Midcap 100 index in the green.
Market conditions
Tech View: Going forward, a decisive move above Tuesday’s high of 24,041 would confirm fresh buying momentum and could pave the way for a move towards the 24,170-24,250 zone in the coming sessions, Bajaj Broking said. It added that failure to cross this level is likely to keep the index in a consolidation phase.
“On the downside, a break below Monday’s gap area (23,823–23,891) would signal weaker momentum and could trigger a corrective move towards the 23,500–23,600 support zone. This area is significant as it represents the confluence of trendline support connecting the low ga5 low gap form of April and June 206. 2026, and 61.8% Fibonacci retracement from recent 23,070 to 24,530,” it added.
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India VIX: India VIX, a measure of fear in the markets, fell slightly to settle at 12.56.
FII/DII action
Foreign portfolio investors on Monday invested Rs. 2,329 crore net sale of shares. Meanwhile DII Rs. 1,688 crore were net buyers.
Rs
The Indian rupee remained on the uptrend for a third consecutive session and closed 11 paise higher at 95.88 against the US dollar on Tuesday, supported by lower crude oil prices amid signs of an easing of the West Asian crisis. “Softer crude prices eased concerns about India’s import bill and inflation outlook, improving sentiment for the local currency. Further, FII selling pressure remained limited in domestic capital markets, providing further support to the rupee. Going forward, the rupee will continue to take cues from crude oil prices and the upcoming trends in the US index, the US index. It is expected to trade in the range of 95.50-96.25,” said Jatin Trivedi, VP Research Analyst, Commodities and Currencies at LKP Securities.
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