Nifty holds 26,000 but ends lower for third straight day, Sensex down 500 points

Stock Market Plunges: Sensex Drops 504 Points, Nifty Falls 144 Points

The Indian stock market witnessed a steep decline on Tuesday, recording losses for the third consecutive session. The broad-based weakness across sectors and heavy selling in index heavyweights dragged the market down.

Benchmarks Suffer Heavy Losses

• The Sensex dropped 504 points to 85,138.
• The Nifty declined 144 points to 26,032, with more than 35 Nifty stocks ending in the red.

Index Heavyweights Weigh Heavily

Losses in Reliance Industries, HDFC Bank, and ICICI Bank weighed heavily on the benchmarks. The Nifty Bank index fell 408 points to 59,274, pressured by the index's weightage changes.

Broader Market Weakens

The broader market also weakened, with the Midcap index slipping 133 points to 60,910. The market breadth was firmly skewed towards declines, with an advance-decline ratio of 1:2 indicating widespread selling pressure.

Top Performers and Losers

• Asian Paints: Surged 3% after a positive brokerage note and emerged as the top Nifty gainer.
• Maruti Suzuki: Rose around 1% ahead of the launch of its e-Vitara electric SUV.
• Vodafone Idea: Gained over 2% after the telecom minister indicated progress on an AGR relief package.
• Indian Bank: Was one of the top losers, witnessing profit booking after a strong recent run.
• Pharma Stocks: Continued to see selective buying, with Glenmark and Dr Reddy's Laboratories rising 1-2%.
• Sun Pharma Advanced Research Company (SPARC): Jumped 20% after a favourable US court order related to Sezaby PRV.
• Bajaj Housing Finance: Fell 7% after its promoter sold a 2% stake via block deals earlier in the day.

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