On Tuesday, the Mumbai exchanges fell sharply as traders locked in gains from the recent rally. The downturn deepened after reports emerged that former U.S. President Donald Trump could lift new tariffs on Indian rice, reigniting trade worries between Washington and New Delhi.
The Sensex slipped 380 points, or 0.45 %, to 84,723 early in the session, while the Nifty fell 124 points, or 0.48 %, at 25,837.
“On the technical front, the Nifty now holds immediate support in the 25,800–25,850 range, while resistance is seen around 26,100–26,150, where repeated intra‑day rejection highlights strong overhead supply,” experts said.
“A decisive breakout above this area will be essential for the index to regain upward momentum, while a sustained move below support may extend the ongoing consolidation,” they added.
The market’s tone stayed cautious as key blue‑chip names were pressured. The Sensex saw several big players fall, with companies such as Asian Paints, Tech Mahindra, Trent, Eternal, Reliance Industries, TCS, Ultratech Cement, Tata Steel, M&M, Tata Motors PV, HCL Tech, and BEL dropping more than 2.5 %. Only Hindustan Unilever and Bharti Airtel remained positive among the 30‑share slice.
Broader indices mirrored the weakness: the Nifty MidCap fell 0.64 % and the SmallCap dropped 0.61 %. Sectorally, IT and metals led the downturn, slipping 0.9 % and 0.8 % respectively, while autos and realty were down 0.8 % and 0.6 %.
Analysts explained that the resurfacing of global trade concerns prompted investors to trim positions and wait for clearer signals.
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