Nifty holds 26,000 but ends lower for third straight day, Sensex down 500 points

The stock market fell for a third straight session on Tuesday, dragged by broad-based weakness across sectors and heavy selling in index heavyweights, even as the Nifty managed to hold above the 26,000 mark.

The Sensex dropped 504 points to 85,138, while the Nifty declined 144 points to 26,032, with more than 35 Nifty stocks ending in the red. Losses in Reliance Industries, HDFC Bank and ICICI Bank weighed heavily on the benchmarks. The Nifty Bank index fell 408 points to 59,274, pressured by the index’s weightage changes that dragged HDFC Bank and ICICI Bank while lifting Yes Bank and Union Bank of India.

The broader market also weakened, with the Midcap index slipping 133 points to 60,910 and the market breadth firmly skewed towards declines. The advance–decline ratio stood at 1:2, indicating widespread selling pressure.

InterGlobe Aviation (IndiGo) was the session’s worst-performing Nifty stock, extending Monday’s losses amid a drop in the rupee and weaker air-traffic trends. On the other hand, Asian Paints surged 3% after a positive brokerage note and emerged as the top Nifty gainer. Maruti Suzuki rose around 1% ahead of the launch of its e-Vitara electric SUV.

In the telecom pack, Vodafone Idea gained over 2% after the telecom minister indicated progress on an AGR relief package. Among midcaps, Indian Bank was one of the top losers, witnessing profit booking after a strong recent run. Capital market-related stocks also fell, with Nuvama, HDFC AMC and CAMS among the key laggards.

Pharma stocks continued to see selective buying, with Glenmark and Dr Reddy’s Laboratories rising 1–2%. Info Edge gained 2% after its JobSpeak index indicated healthy IT hiring trends for November.

Sun Pharma Advanced Research Company (SPARC) jumped 20% after a favourable US court order related to Sezaby PRV. HCC rose 10% after fixing December 5 as the record date for its ₹1,000 crore rights issue. Emmvee advanced 8% following strong Q2 numbers and guidance that the second half of the fiscal would outpace the first.

Bajaj Housing Finance fell 7% after its promoter sold a 2% stake via block deals earlier in the day.