Noida, May 19 (APAC Media): Indian equity benchmarks, Sensex and Nifty, ended lower on Tuesday in a volatile session as a weak rupee, mixed global cues, and profit-taking across key sectors weighed on investor sentiment.
The BSE Sensex closed down 114 points, while the NSE Nifty 50 slipped below the 23,650 level after oscillating between gains and losses during the day. Early optimism, driven by positive global market trends and stable commodity prices, faded as currency market pressure intensified.
The rupee weakened sharply to breach its all-time low of 96.50 against the US dollar on Tuesday, pressured by rising crude oil prices and higher US Treasury yields.
The currency slide weighed on investor sentiment in domestic equity markets, with banking, financial services, and cement stocks emerging as the top drags on benchmark indices.
Kotak Mahindra Bank and UltraTech Cement declined nearly 2% each, contributing to the downward pressure on benchmarks. However, select information technology stocks showed resilience, supported by expectations of steady global demand and improved earnings visibility.
Broader markets outperformed the benchmarks, with mid-cap and small-cap indices ending relatively firm, indicating continued stock-specific participation. Market participants noted that investors are increasingly rotating toward individual opportunities rather than taking broad-based positions.
Foreign institutional investors extended their buying streak for a third consecutive session, providing partial support to the market. Despite this, overall sentiment remained cautious due to concerns around currency volatility and geopolitical uncertainty.
Among active stocks, JSW Steel, Zee Entertainment Enterprises, Adani Enterprises, Vodafone Idea, and Eicher Motors remained in focus amid company-specific developments and earnings-related triggers.
Analysts said the market is currently consolidating after recent gains, with the Nifty facing resistance near 24,000 and immediate support seen around 23,300. They added that sustained movement will depend on global macroeconomic signals, crude oil price trends, and currency stability.
Global investors continued to monitor geopolitical developments and crude oil fluctuations, which added to intraday volatility.
Market experts expect near-term trading to remain range-bound and stock-specific as investors await clearer macroeconomic cues.
Disclaimer:Â Views expressed are those of experts and do not reflect APAC Media. This is for informational purposes only, not financial advice. We are not responsible for investment decisions. Please consult a qualified financial advisor before investing.
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