Benchmark equity indices Sensex and Nifty closed lower on Tuesday, weighed down by losses in information technology, oil and gas, and select banking stocks as investors remained cautious over uncertainty surrounding the next round of US-Iran negotiations in Doha.
The 30-share BSE Sensex fell 249.70 points, or 0.33 per cent, to settle at 76,478.67 after giving up its early gains. During the session, the index dropped as much as 398.98 points, or 0.51 per cent, to touch an intraday low of 76,329.39. The broader NSE Nifty also ended in the red, declining 80.50 points, or 0.34 per cent, to close at 23,865.75.
Market participants said investor sentiment remained subdued due to the delayed onset and slow progress of the southwest monsoon, continued foreign institutional investor (FII) selling and weakness in heavyweight IT stocks.
Among the biggest losers on the Sensex were Infosys, Tata Consultancy Services, HCL Technologies, Tech Mahindra, ITC and Hindustan Unilever. On the other hand, Maruti Suzuki, Titan, Bajaj Finance and Eternal ended the session with gains.
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According to exchange data, Foreign Institutional Investors (FIIs) sold equities worth Rs 1,350.10 crore on Monday, adding to pressure on domestic markets.
Meanwhile, Brent crude, the global oil benchmark, rose 0.23 per cent to USD 73.32 per barrel.
Vinod Nair, Head of Research at Geojit Investments Limited, said the domestic market remained range-bound as investors refrained from taking aggressive positions despite easing geopolitical tensions.
"The domestic market remained in a consolidation phase, trading within a narrow range and exhibiting a mixed trend. Although geopolitical concerns have eased, the fragile nature of the US-Iran peace deal continues to weigh on sentiment, preventing any meaningful directional move," Nair said.
He added that sectoral performance was mixed but largely negative, with IT stocks emerging as the biggest drag on the indices. "On the domestic front, the current monsoon trend—pointing to the worst deficit in a decade—raises concerns about agricultural output and allied sectors, further impacting sentiment amid expectations of weak Q1FY27 earnings," he added.
In Asia, South Korea's Kospi, Japan's Nikkei 225 and China's Shanghai SSE Composite ended higher, while Hong Kong's Hang Seng index closed lower.
European markets were trading in positive territory during afternoon trade.
On Wall Street, US markets finished higher overnight, with the Nasdaq Composite rising 2.07 per cent and the S&P 500 gaining 1.18 per cent.
The latest decline follows Monday's losses, when the Sensex fell 372.10 points, or 0.48 per cent, to close at 76,728.37, while the Nifty slipped 109.75 points, or 0.46 per cent, to settle at 23,946.25.
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