Sensex, Nifty, and Share Prices: Benchmark BSE The Sensex fell 96 points on Tuesday, closing below 73,000, amid a global equity sell-off fueled by tariff fears and persistent foreign fund outflows. The 30-share BSE barometer closed at 72,989.93, down 96.01 points or 0.13 percent, as 18 of its components fell while 12 rose. During the day, it fell 452.4 points, or 0.62 percent, to a low of 72,633.54, but recovered some of those losses in the second half.
The NSE 50-share Nifty fell 36.65 points, or 0.17 percent, to 22,082.65, extending its losses for the tenth straight session. The index opened below 22,000 at 21,974.45, but recovered some of its losses later.
The Sensex pack's laggards included Bajaj Finserv, HCL Technologies, Nestle India, Asian Paints, Bharti Airtel, Sun Pharmaceuticals, Infosys, Maruti Suzuki India, Titan, Hindustan Unilever, and Reliance Industries. The gainers included State Bank of India, Zomato, Tata Consultancy Services, Adani Ports, Power Grid, Tata Steel, and HDFC Bank.
Markets Commentary
“Global market sentiment remained negative as Wall Street experienced a weak session . Investor caution persisted after President Trump reaffirmed his plans to impose tariffs—25% on Canada and Mexico and 10% on China—effective Tuesday. Concerns over a potential global trade war deepened, with China and Canada announcing retaliatory tariffs on U.S. goods. Adding to the uncertainty, speculation arose over possible U.S. tariffs on Indian exports,” highlighted Sundar Kewat, Technical and Derivatives Analyst, Ashika Institutional Equity.
In response to the latest U.S. tariff measures, China imposed additional import duties ranging from 10% to 15% on American agricultural and food products.
Meanwhile, India continues to witness foreign institutional investor (FII) outflows amid weak market sentiment. Additionally, India's manufacturing PMI fell to 56.3 in February, marking a 14-month low and signaling a slowdown in new orders and production momentum.
Technical Outlook on Nifty
As per Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates, from a technical perspective, Nifty is holding firm at the crucial 22,000 support level. In the previous trading session, the index once again respected this level, with visible buying interest emerging. Furthermore, a significant buildup of open interest at the 22,000 strike price indicates strong support at this level. Given these factors, Nifty may see an upward move towards 22,300 and 22,500 in the near term.
The domestic benchmark index, Nifty, opened with gap down following weak global cues but buying interest on lower levels helped the index to settle the day on flat to negative note at 22,083. The volatility index, India VIX, rose by 0.49% to 13.83, indicating a mild increase in market volatility.
Technically, Nifty on a daily scale has formed a bullish belt hold candlestick pattern, suggesting strength. The 100-Weekly Simple Moving Average (100-WSMA) is placed near 21,900 levels, and a multiple support zone is placed near 21,800 levels. Till index holds the support of 21,800, a short-term pullback towards 22,300-22,500 could be possible. On the higher side, 22,500 will act as immediate resistance for the index. Thus, traders are advised to use this pullback for profit booking.
Bank Nifty opened with gap down, experienced buying interest, and concluded the day on a positive note at 48,245. Technically, the Bank Nifty has formed a bullish candle on the daily chart, indicating strength. However, the index has defended previous demand zone of 47,840, making it an essential support, while on the upside, 49,000 will remain a challenging barrier for the index. Traders should actively monitor these levels for possible trading opportunities.
Bajaj Broking Market Closing Commentary
Nifty continued its downward trajectory, closing lower for 18 out of the last 19 trading sessions. The index opened on a negative note as U.S. tariffs on major trading partners—China, Canada, and Mexico—shook global markets, dampening investor sentiment. However, Nifty gradually recovered during the session and ended at 22,082.65, down by 0.17%. The broader markets showed mixed performance, with the BSE Midcap index remaining flat, while the BSE Smallcap index gained around 1%. Among sectoral indices, IT, auto, and FMCG stocks weighed on the market, while Oil & Gas, Media, and PSU bank stocks saw gains.
Nifty Outlook
The index has formed a small bull candle with a lower high and a lower low, indicating a corrective bias. However, buying interest emerged at the lower levels around 22,000, helping to close the session with only a slight decline. Key support levels are seen between 21,800-21,500, as this range aligns with previous major lows, the long-term trendline support, and the 100-week EMA. Maintaining above this support zone is crucial for forming a base between 21,500 and 22,500 over the coming weeks. To halt the downtrend decisively, the index must begin forming a consistent pattern of higher highs and higher lows on the daily chart. Short-term resistance is seen between the 22,500 and 22,800 levels.
Bank Nifty Outlook
Bank Nifty formed a bull candle which remained enclosed inside previous session price range highlighting consolidation after previous session sharp decline. Bank Nifty is currently placed around the key support area of 48,000-47,800 being the lower band of the last 7 weeks range. A breach below the support area will lead to extended decline towards 47,000 levels in the coming sessions. While holding above the support area of will lead to pullback towards 49,000 levels.
