Sensex falls 900 points, Nifty below 24,750 on global cues; IT, bank stocks drag

Indian benchmark indices traded lower on Tuesday, tracking negative cues from US and Asian markets, with selling pressure seen in financial and IT stocks.

At 10:02 am, the BSE Sensex was down 912 points, or 1.11%, at 81,264, while the Nifty50 slipped 254 points, or 1.02%, to 24,747.

From the Sensex pack, NTPC, M&M, Bajaj Finserv, TCS, HCL Tech, and Infosys were the top laggards, falling up to 1.5%. IndusInd Bank was the only stock to open with gains.

MSCI Asia ex-Japan slipped 0.2% after holding steady on Monday, as U.S. President Donald Trump delayed tariffs on EU goods until July 9, extending the original June 1 deadline.

Among sectors, Nifty Bank and Financial Services declined 0.7%, while Nifty IT, Auto, FMCG, and Oil & Gas dropped between 0.5% and 1%.

IndiGo shares fell 3% after reports by CNBC-TV18 suggested that co-founder Rakesh Gangwal likely offloaded a 5.8% stake worth Rs 11,928 crore through a block deal.

Shares of Brainbees Solutions, the parent company of FirstCry, declined 4% after the company reported a net loss of Rs 111 crore for Q4FY25, widening from Rs 43 crore in the same period last year.

Experts View

"In the near-term the market is likely to consolidate around the current levels. Since mutual funds are sitting on sizeable cash any dip will be bought into and high valuations will trigger selling on rallies. A sustained rally will happen only when leading indicators suggest revival in earnings growth. That is some time away," said Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited.

"An important trend in the market now is the slow accumulation in rate sensitives like autos in anticipation of more rate cuts which are almost sure to happen since inflation is trending down," Vijayakumar said.

Hardik Matalia, Derivative Analyst at Choice Broking, said, "Nifty can find support at 25,000 followed by 24,900 and 24,800. On the higher side, 25,100 can be an immediate resistance, followed by 25,200 and 25,250."

Also read: IndiGo shares slip 3% as co-founder Rakesh Gangwal likely offloads Rs 11,988 crore stake via block deal

Global Markets

Asian shares eased on Tuesday, though U.S. futures rose after President Donald Trump delayed his threatened 50% duties on European Union shipments, while the dollar was headed for a fifth straight monthly loss.

Nasdaq futures were up 1.26% in Asia while S&P 500 futures similarly rose 1.11%. FTSE futures advanced 0.94%. UK markets were also closed on Monday.

Elsewhere, MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.17%, while Japan's Nikkei similarly fell 0.15%.

China's CSI300 blue-chip index edged 0.06% lower while the Shanghai Composite Index was little changed. Hong Kong's Hang Seng Index dipped 0.1%.

FII/DII Tracker

Foreign institutional investors (FIIs) bought equities worth Rs 135.98 crore on May 26, while Domestic institutional investors (DIIs) bought equities worth Rs 1,745.72 crore on the same day.

Crude Oil

Oil prices eased on Tuesday as market participants weighed the possibility of an OPEC+ decision to further increase its crude oil output at a meeting later this week.

Brent crude futures shed 12 cents, or 0.19%, to $64.62 a barrel by 0022 GMT, while U.S. West Texas Intermediate crude was down 15 cents, or 0.24%, at $61.38 a barrel.


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Rupee vs Dollar

The Indian rupee fell 7 paise to 85.17 against the US dollar in early trade. The dollar index, which tracks the movement of the greenback against a basket of six major world currencies, declined 0.03% to 98.90 level.

(With inputs from agencies)