Indian stock markets continued to trade lower on Tuesday morning, extending their gap-down opening amid weak global sentiment. The Sensex declined by 1.00% to 73,865.57, while the Nifty slipped by 1.00% to 22,319.60. Banking indices were also in the red, with Bank Nifty falling by 0.92% to 48,293.20, reflecting broad-based selling pressure.
The Midcap Nifty witnessed a significant decline, losing 1.78% to 10,762.60, highlighting the underperformance in the midcap space. Market breadth remains negative with selling pressure observed across all sectors.
The negative sentiment is attributed to global market weakness, influenced by concerns over inflation, interest rate hikes, and a weak handover from Wall Street following Nvidia’s results. Asian markets, including Nikkei and Hang Seng, are also trading lower, further impacting investor sentiment in Indian markets.
Analysts suggest that the continued underperformance of midcaps, coupled with global economic concerns, is contributing to the bearish sentiment. Investors are advised to exercise caution and closely monitor global cues and macro-economic data releases for further market direction.
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