Sensex drops 388 pts, Nifty settles at 24,472; FMCG, realty, cement drag

Markets end lower after broad-based selling

Indian equity benchmarks closed in the red on Tuesday, extending losses as selling pressure across FMCG, realty, and cement stocks weighed on sentiment. The BSE Sensex dropped 388 points, while the Nifty settled at 24,472, down from the previous close.

Traders pointed to weak cues from global markets and profit-booking in recent outperformers as key reasons for the decline. The broader market also witnessed caution ahead of upcoming economic data releases.

FMCG, realty, and cement shares lead the slide

FMCG stocks were among the top losers, with major consumer goods companies facing selling pressure. Realty stocks also struggled, as higher interest rate concerns continued to dampen investor appetite for the sector.

Cement shares added to the drag, with multiple companies in the sector closing lower. Analysts noted that input cost pressures and muted demand outlooks have kept the sector under pressure in recent sessions.

Sectoral indices mixed; select pockets show resilience

While most sectoral indices ended in the red, a few pockets showed resilience. IT and pharma stocks managed to hold up better, offering some support to the benchmarks.

Midcap and smallcap indices also ended lower, reflecting a broad-based selloff. Market breadth remained negative, with more stocks declining than advancing on the BSE.

What traders are watching now

Investors are now awaiting fresh triggers, including global cues and domestic macroeconomic data. The coming sessions are expected to remain volatile as traders react to evolving developments.

Market participants will also keep an eye on foreign institutional investor flows, which have been a key driver of sentiment in recent weeks. Any sustained selling by FIIs could add further pressure to indices.

For now, the market remains in a consolidation phase, with analysts advising a stock-specific approach rather than broad bets.

Going ahead, the focus will shift to quarterly earnings and policy signals from the central bank. A clear direction is likely only after these cues unfold.