The benchmark equity indices extended its fall for the second consecutive day on Tuesday, losing nearly 2% since Friday amid weak sentiment in the global markets a day ahead of the outcome of the US Federal Reserve's meeting.
The NSE Nifty ended 332.25 points or 1.35% down at 24,336 and the BSE Sensex closed 1,064.12 points or 1.3% lower at 80,684.45. During the day, both the Nifty and Sensex had declined 1.4% each.
"With a strong bearish candle, the index has breached the range of 24,500–24,800 on the downside. However, the zone of 24,270–24,300 is a strong support base," Aditya Gaggar, director of Progressive Share Brokers Pvt., said. "In the case of a breakdown, the next support is positioned at 24,100, whereas the higher side is capped to 24,600."
Share prices of HDFC Bank Ltd., Reliance Industries Ltd., Bharti Airtel Ltd., Tata Consultancy Services Ltd. and Larsen & Toubro Ltd. dragged the Nifty the most. ITC Ltd. and Cipla Ltd. capped the fall in the index.
Eleven out of the 12 sectoral indices on the National Stock Exchange fell, with the PSU Bank, Metal, Energy, Oil & Gas and Auto falling the most. Only the Nifty Media closed flat.
The broader markets outperformed the benchmark indices as the BSE MidCap and SmallCap ended 0.65% and 0.52% down respectively.
On the BSE, all the 21 sectors ended lower, with Telecommunication declining the most.
The market breadth was skewed in favour of the sellers as 2,472 stocks declined, 1,544 advanced and 91 remained unchanged on the BSE.
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