Final Trade: Tariff turmoil shakes D-Street; Nifty slips below 23,100, Sensex tanks 1,018 pts

The Indian stock market continued its downward spiral for the fifth consecutive session on Tuesday, with the Sensex plunging 1,018 points to close at 76,293. The Nifty 50 index ended 309 points lower at 23,071, while the Nifty Bank index shed 577 points to settle at 49,403. Broad-based selling across sectors weighed on sentiment, with Nifty Auto, Metal, IT, Energy, and PSU stocks witnessing sharp declines of over 2 per cent.

Heavyweights under pressure, Realty takes a hit

The Nifty Realty index fell 3 per cent as selling in property stocks deepened. Among the top losers in the segment were:

• Oberoi Realty: -6%
• Sobha: -5%
• Godrej Properties: -5%
• Mahindra Lifespace Developers: -4.5%

Similarly, the PSU Bank index declined 2 per cent, led by:

• Central Bank of India: -4%
• Punjab and Sind Bank: -4%
• Union Bank of India: -3.5%
• Punjab National Bank: -3%

Auto and Consumer stocks take a hit

Nifty Auto stocks also struggled, with major losers including:

• Eicher Motors: -6%
• Samvardhana Motherson International: -5%
• TVS Motor: -3%
• Tata Motors: -3%

Meanwhile, in the Consumer Durables sector:

• Amber Enterprises: -7%
• Voltas: -5%
• Blue Star: -4%
• Havells: -3%

Top gainers defy market weakness

Despite the broader sell-off, a few stocks managed to post gains:

• Timken India: +5%
• Cholamandalam Financial Holdings: +3.5%
• Crisil Ltd: +3%
• Happiest Minds: +3%
• Star Cement: +3%

Midcaps and smallcaps under selling pressure

Midcap and smallcap stocks saw heavy selling, with the midcap index crashing by 1,500 points. Around noon, selling intensified, dragging the Sensex down by more than 1,000 points.

Anil Singhvi's take on the market

Market expert Anil Singhvi highlighted the significant selling pressure in mid- and smallcap stocks, attributing it to margin calls on funded positions. He noted that neither retail investors nor institutional funds were showing buying interest, leading to continued weakness in the segment.

Key levels to watch:

• Nifty support zone: 22,800-22,950
• Bank Nifty support zone: 47,800-48,050

Gold hits record high, crude oil surges

Gold prices touched a lifetime high of Rs 85,950 in the domestic market, while international prices surged by $50 to approach $2,950 per ounce. Silver climbed one per cent above $32, and crude oil gained 2 per cent, trading above $76 per barrel.

Global cues and upcoming triggers

On the global front, US President Donald Trump imposed a 25 per cent duty on steel and aluminum imports, impacting exports from Canada, Mexico, Germany, and parts of Asia. Meanwhile, US markets closed higher, with the Dow Jones up 175 points and the Nasdaq rising by 200 points. GIFT Nifty indicated a flat opening above 23,450.

Key upcoming events:

• RBI's liquidity injection: Rs 40,000 crore worth of government securities to be purchased in open market operations.
• New Income Tax Bill: To be tabled in Parliament today.
• PM Modi in France: Meeting with President Macron ahead of AI Summit.
• India Energy Week 2025: Starts in New Delhi, focusing on hydrogen and renewable energy.

With continued selling pressure and weak sentiment, traders will keep a close eye on market triggers and global cues for potential recovery signs.

• Eicher Motors tanked 6 per cent as Goldman Sachs cut its target post a weak Q3 performance.
• Apollo Hospitals declined nearly 4 per cent after posting disappointing Q3 results.
• Patanjali Foods slipped 2 per cent on weaker earnings, while Grasim rose 3 per cent despite a 41 per cent YoY drop in profit.

Outlook: What’s next for the market?

With weak global cues and sustained FII outflows, analysts expect volatility to persist in the near term. The Nifty’s key support level remains at 22,800-22,950, while Bank Nifty finds support near 47,800-48,050. Investors will closely track global developments and domestic earnings before making fresh commitments in the market.