Mumbai (Maharashtra) [India], February 24 : The Indian stock market on Tuesday ended in red with benchmark indices Sensex and Nifty declining up to 1.28 per cent.
The indices were dragged lower by a sharp sell-off in IT shares as well as rising crude oil prices and weak global cues.
At the time of closing, Sensex settled 1068.74 points or 1.28 per cent lower at 82,225.92, while the broader Nifty was at 25,424.65, down 288.35 points or 1.12 per cent.
The Nifty 50 index opened at 25,641.80, down by 71.20 points or 0.28 per cent, while the BSE Sensex opened at 83,052.54, declining by 242.12 points or 0.29 per cent.
Apart from the IT index that plunged over 4 per cent, Nifty realty also declined by over 2 percent.
On the gaining side were PSU Bank, pharma, metal, and oil & gas.
On the market performance, Vinod Nair, Head of Research, Geojit Investments Limited said, "Domestic markets registered a sharp decline, led by significant weakness in IT stocks amid renewed global concerns over AI-driven disruption and margin pressures for traditional service providers. Global trade and tariff worries resurfaced as well, with additional pressure arising from Trump's warnings on trade deals and reports of possible national-security tariffs. Realty stocks also came under strain on expectations that prolonged stress in the IT sector could weigh on real estate demand and valuations."
"Meanwhile, escalating U.S.-Iran tensions, marked by embassy staff evacuations and Iran's warnings of wider regional escalation, intensified risk aversion. Overall, markets remain highly sensitive to geopolitical risks and sector-specific pressures, driving investors toward defensive, domestically focused segments," he added.
Sudeep Shah, Head - Technical and Derivatives Research at SBI Securities, said, "the Midcap and Small cap indices opened weak and extended their decline in early trade. However, strong buying interest at lower levels led to the formation of thin-bodied candles with noticeable lower wicks on the daily charts, indicating demand emerging on dips."
He added, "The market breadth was weak as the advance-decline ratio was heavily skewed in the favour of bears at day's close. A total of 305 stocks out of the Nifty 500 universe ended in the red."
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