Sensex Drops 400 Points From Day's Highs as Profit-Booking and IT Selling Trigger Correction
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The Indian stock market witnessed a sharp turnaround during Tuesday's session, completely erasing its early-morning gains. After opening on a positive note, benchmark indices faced intense selling pressure at higher levels, with the Sensex tumbling nearly 400 points from its intra-day peak and the Nifty slipping below the crucial 24,300 mark.
Profit-Booking and Technical Resistance at 24,400
The trading session began with robust momentum as the Sensex surged 330.75 points to touch 77,986.84, while the Nifty climbed 44.05 points to a high of 24,378.60. However, investors quickly resorted to aggressive profit-booking at upper levels. Market analysts noted that the Nifty faced formidable technical resistance around the 24,400 threshold, acting as an immediate hurdle that triggered automated selling and long liquidation.
IT and Consumer Durables Stocks Lead Decline
Market sentiment was further dented by widespread selling across key sectoral indices, particularly IT and consumer durables. Heavyweights like Infosys, Tech Mahindra, and TCS faced severe downward pressure, recording losses of up to 1.5%. Consumer discretionary counters also suffered, with Crompton Greaves Consumer and Dixon Technologies slipping by up to 1% as cautious sentiment gripped investors.
Weak Global Cues and US Futures Weigh on Sentiment
Domestic indices were also influenced by fragile international cues. Ahead of crucial corporate earnings announcements in the United States—most notably Nvidia’s highly anticipated quarterly results—U.S. stock market futures turned negative, with Nasdaq futures sliding by 0.2%. Consequently, the Nifty underperformed broader Asian markets as participants preferred to stay defensive ahead of upcoming global economic triggers.
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