Sensex, Nifty fall nearly 0.5 pc as realty, FMCG and cement stocks drag
Mumbai, Aug 11
Benchmark equity indices ended lower on Tuesday, weighed down by losses in realty, FMCG and cement stocks amid investor caution over signs of an impasse in negotiations between the United States and Iran.
The Sensex declined 388.19 points, or 0.49 per cent, to settle at 78,154.25. The Nifty also ended lower, falling 112.10 points, or 0.46 per cent, to close at 24,471.70.
Commenting on Nifty technical outlook, experts said that the 24,400 zone now emerges as the immediate support area, and a decisive break below this level could pave the way for a further decline toward the 24,300 mark.
"On the upside, 24,500 is likely to act as the immediate resistance, having shifted from a key support level," a market expert stated.
"The broader 24,600-24,700 zone remains the stronger hurdle, and a sustained breakout above 24,700 would be required to revive bullish momentum," an analyst added.
Market participants remained cautious amid geopolitical uncertainties after indications emerged that progress in negotiations between the United States and Iran had stalled, raising concerns about energy markets and global risk sentiment.
Among the Nifty constituents, Tata Consumer Products, Max Healthcare Institute and UltraTech Cement figured among the top losers of the session, contributing to the broader weakness in the benchmark indices.
The broader market displayed resilience despite the benchmark decline. The Nifty MidCap index edged down just 0.02 per cent, while the Nifty SmallCap index outperformed, gaining 0.22 per cent during the session.
On the sectoral front, the Nifty Cement index led the losses, followed by the Nifty FMCG, Nifty Realty and Nifty Metal indices. Selling pressure in these sectors weighed heavily on overall market performance.
In contrast, pharmaceutical stocks bucked the broader trend, with the Nifty Pharma index emerging as the top-performing sector of the day as investors rotated into defensive counters.
"Market attention now shifts to the US Consumer Price Index (CPI) data due on Wednesday, which is expected to provide fresh direction for global interest-rate expectations and broader market sentiment," a market expert stated.
— IANS
Reader Comments
Finally pharma showing some strength! 🙌 Good to see some defensive sectors performing while others drag. But honestly, FMCG falling is concerning - that usually means consumer spending is weak. Need to watch that CPI data tomorrow.
Seems like a classic risk-off day globally with the US-Iran situation. India's markets are actually showing resilience compared to other emerging markets. The support at 24,400 level will be crucial - if it holds, we might see recovery soon.
My portfolio is bleeding today 😅 But learned from my dad - market mein paisa tabhi banta hai jab sab dar rahe ho. This is a good entry point for quality cement and FMCG stocks if you have cash ready.
These geopolitical issues always cause these knee-jerk reactions. But look at the bigger picture - India's fundamentals are strong. Smallcaps going up while large caps dip shows retail investors are still confident. Hold tight, folks! 💪
The market seems to be pricing in some US-Iran risk, but honestly, India's correlation with these geopolitics tends to be short-lived. Watching 24,400 as key support. The CPI data tomorrow is what everyone should really focus on for direction.
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