Sensex plunges 800 points, Nifty ends below 21,550; Bajaj Finance, Titan top losers

Stock market news: Benchmark indices, BSE Sensex and Nifty 50 on Tuesday erased early gains and quickly declined during mid-day trade dragged by losses in Bajaj Finance, Reliance Industries, ITC, HDFC Bank and Larsen & Toubro. The Sensex and Nifty fell 1.4 per cent each from their respective day highs during the trading session.

Sensex ended 801.67 points lower at 71,139.90 and Nifty ended 215.50 points lower at 21,522.10.

Broad market indices also showed bearish trend with Nifty 100 and Nifty 200 closing 0.89 per cent and 0.81 per cent lower respectively. Sectoral indices also displayed a mixed performance with Nifty Consumer Durables closing 1.61 per cent lower, and Nifty FMCG falling 1.02 per cent. Nifty PSU Bank and Nifty Media, however, ended 0.96 per cent and 0.41 per cent higher respectively.

Rupak De, Senior Technical  Analyst, LKP Securities, said "Nifty exhibited volatility throughout the day, with a prevailing bearish trend. The daily chart indicates the formation of a dark cloud cover, implying a bearish outlook in the near term."

"Support is situated at 21,500 on the lower end. A significant decline below this level could potentially initiate a correction in the market. Conversely, sustained trades above 21,500 might lead to an upward movement in the market," Rupak De added.

"Investors exhibited a reversal in strategy, adopting a cautious approach in anticipation of the upcoming FOMC meeting and interim budget amid persistent concerns regarding elevated valuations and escalating tensions in the Middle East. Further, the trend weakened in EMs as liquidation order for a major Chinese real estate firm dampened the sentiment. The US Fed is anticipated to maintain a rate pause, close attention will be paid to any hints regarding a potential rate cut in the month of May," said Vinod Nair, Head of Research, Geojit Financial Services.

Sensex top gainers

• Tata Motors: 2.84 per cent
• SBIN: 0.50 per cent
• HUL: 0.47 per cent
• PowerGridCorp: 0.45 per cent
• Tech Mahindra: 0.32 per cent

Sensex top losers

• Bajaj Finance: -5.03 per cent
• Titan: -3.13 per cent
• UltraTechCement: -3.08 per cent
• Bajaj Finserv: -2.76 per cent
• Reliance: -2.70 per cent

Nifty top gainers

• Tata Motors: 2.84 per cent
• BPCL: 2.04 per cent
• Eicher Motors: 1.05 per cent
• Adani Enterprises: 1.02 per cent
• Grasim: 0.93 per cent
• HUL: 0.43 per cent

Nifty top losers

• Bajaj Finance: -5.10 per cent
• UltraTechCement: -3.10 per cent
• Titan: -3.04 per cent
• Bajaj Finserv: -2.80 per cent
• Reliance: -2.69 per cent