Stock market update: Nifty closes below 26000
Indian stock markets closed lower on Tuesday, December 16, weighed down by weak global cues and selling pressure in metal, realty, and financial stocks. The Sensex fell 533.50 points, or 0.63%, to close at 84,679.86, while the Nifty declined 167.20 points, or 0.64%, to 25,860.10.
Experts noted that the Nifty breached its crucial support level of 25,870, further exacerbating negative sentiment in the market. They said, “In the short term, the index could fall to the 25,700 level, while on the upside, the 25,950–26,000 zone will act as strong resistance in the near future.”
Banking and financial stocks bore the brunt of the losses. Axis Bank and Eicher Motors were among the top Sensex losers, falling by nearly 5%. Other major stocks like HCL Technologies, Tata Steel, Bajaj Finserv, UltraTech Cement, Bajaj Finance, and NTPC also closed more than 1% lower, adding to the pressure on the indices.
Gains were limited and selective. Titan and Bharti Airtel rose by more than 1%, providing some support. Shares of M&M, Asian Paints, and Trent also closed in the green, but these gains were not enough to offset the broader losses.
