Sensex Falls 388 Points, Nifty Down 112 Points; 24,400 Key Support for Nifty

On Tuesday, benchmark equity indexes slipped lower as real estate, fast‑moving consumer goods and cement shares fell, reflecting investor wariness after signals suggested a stalemate in US‑Iran talks.

The Sensex slipped 388.19 points, down 0.49%, closing at 78,154.25, while the Nifty fell 112.10 points, a 0.46% drop, finishing at 24,471.70.

Technical analysts noted that the 24,400 level has become the key immediate support for the Nifty; a clear break below it could trigger additional downside toward 24,300.

“Should the index rise, 24,500 is expected to serve as the first resistance, having flipped from prior support,” said one market expert.

“The wider 24,600‑24,700 band remains a tougher obstacle, and only a sustained move above 24,700 would rekindle bullish sentiment,” added an analyst.

Investors stayed wary as geopolitical tensions lingered, with signs that US‑Iran talks had stalled, sparking worries about energy supplies and overall market risk.

Within the Nifty basket, Tata Consumer Products, Max Healthcare Institute and UltraTech Cement were among the biggest decliners, adding to the overall weakness of the benchmark indexes.

Despite the slide in the headline indices, the broader market showed resilience; the Nifty MidCap fell only 0.02%, whereas the Nifty SmallCap rose 0.22% during the session.

Sector‑wise, the Nifty Cement index posted the steepest drop, trailed by the Nifty FMCG, Nifty Realty and Nifty Metal indices, with selling pressure in these groups dragging down the overall market.

Conversely, pharmaceutical shares defied the broader downtrend, as the Nifty Pharma index topped the sector performance list amid a shift toward defensive holdings.

“Focus is now turning to the US Consumer Price Index (CPI) release slated for Wednesday, which could shed new light on global interest‑rate expectations and overall market sentiment,” noted a market expert.