Key benchmark stock indices on Tuesday fell 1.5% on selling pressure led by banking stocks.
The S&P BSE Sensex dropped 1,053 points or 1.47% to 70,370.55.
The Sensex stocks which shed more value include IndusInd Bank 5.87%, State Bank 4.19%, HUL 3.81%, HDFC Bank 3.45%, and Bajaj Finance 3.16%.
The NSE Nifty-50 Index too fell 333 points or 1.54% to 21,238.80.
Rupak De, Senior Technical Analyst, LKP Securities said, “A few days of consolidation have led to a decline, with Nifty slipping below the lower end of the recent consolidation range. The bearish sentiment appears to be strengthening as Nifty closed at its lowest points on multiple days.”
“Weakness may persist in the short term, with support at 21,200; below this level, the index could potentially decline towards 21,000 and beyond. Looking ahead, the market may continue to be a “sell on rise” scenario as long as it remains below 21,500,” he added.
