Mumbai (Maharashtra) [India], December 2 (ANI): The domestic share market opened on a weak note on Tuesday as both the benchmark indices slipped into negative territory, weighed down by a falling rupee and continued foreign portfolio investor (FPI) outflows.
The Nifty 50 index opened at 26,146.00, marking a decline of -29.75 points (-0.11 per cent), while the BSE Sensex started the session at 85,523.17, down -118.73 points or -0.14 per cent.
Market experts said investor sentiment turned negative after the currency weakened and FPIs continued to pull out funds from Indian equities.
Markets had touched fresh highs during Monday’s opening but failed to sustain those levels. The latest peak now stands at 26,325.80 for the Nifty and 86,159.02 for the Sensex.
Ajay Bagga, Banking and Market Expert, told ANI, “The lagging impact of GDP and the poor Nominal GDP print had an impact on the Indian markets which got exacerbated as the Indian rupee fell. Indian markets are caught between intense promoter selling, a massive IPO pipeline which is sucking out liquidity from the secondary markets and continued FPI outflows.”
In the broader market, a mixed trend was seen on the NSE. The Nifty Smallcap index traded in the red, while the Nifty Midcap index surged by more than 0.32 per cent, indicating positive momentum in midcap stocks despite the overall weak sentiment.
Across sectoral indices, the picture also remained mixed. On the downside, Nifty Media declined 0.49 per cent, and Nifty Private Bank lost 0.28 per cent. However, several major sectors were trading in the green at the time of filing this report.
Nifty Auto was up 0.29 per cent, Nifty FMCG gained 0.30 per cent, Nifty IT was higher by 0.22 per cent, and Nifty Pharma also rose 0.27 per cent, reflecting selective buying support.
Ponmudi R, CEO of Enrich Money, said Nifty 50 continues to consolidate just below its record highs, which he described as “healthy digestion after a strong rally.” He noted that a bearish candle on the daily chart indicates short-term hesitation, but the broader trend remains positive as long as the index stays above the 20-DEMA near 25,950.
He added that immediate support lies in the 26,100-26,000 zone, while resistance is placed at 26,200-26,325. “A decisive move above 26,300 could reignite upside momentum toward 26,500 and higher,” he said.
Overall, the session began with caution as global cues, currency movement, and liquidity pressures continued to influence investor behaviour. (ANI)
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