Nifty ends off day’s lows as banks, metals stage strong comeback

The stock market ended lower on Tuesday but recovered sharply from intraday losses as a late surge in banking and metal stocks cushioned the fall, while persistent weakness in IT and consumption counters weighed on sentiment.

The blue-chip NSE Nifty 50 index fell 33 points, or 0.13%, to close at 25,170, while the S&P BSE Sensex slipped 58 points, or 0.07%, to 82,102.

On the technical front, analysts said Nifty continues to hold a positive bias as long as it sustains above the 50-day EMA near 24,900. “The index found support near its 20-day EMA and closed close to its 10-day EMA. However, call writing at the 25,300–25,400 zone and the formation of a hanging man candlestick suggest short-term consolidation. We expect Nifty to trade in a range of 25,100–25,400, with 25,100 as strong support and 25,400 acting as key resistance,” said Vatsal Bhuva, Technical Analyst at LKP Securities.

Banking stocks powered the late rebound, with the Nifty Bank rising 225 points to 55,510, led by gains of 2-3% each in IndusInd Bank and Axis Bank. PSU lenders such as State Bank of India

, Canara Bank and Union Bank also advanced.

Metal stocks also saw sharp buying, with the sectoral index rising nearly 1% as investors took comfort in firm global commodity prices.

However, midcap underperformance kept market breadth weak, with the Nifty Midcap 100 index sliding 203 points to 58,497, and the NSE advance-decline ratio at 2:3.

Information technology stocks extended their decline for a second session, with Tech Mahindra, Coforge and Mphasis leading losses. Consumer-focused names such as Trent, Hindustan Unilever and Nestle India also dropped on profit-taking.

Adani group shares faced selling pressure, with Adani Total Gas plunging 7% to top the losers in the group.

Among stock-specific moves, Vodafone Idea gained 4% ahead of its AGR plea hearing at the Supreme Court on Sept. 26. Oil marketing companies BPCL and HPCL rose tracking a move in crude prices.

Emkay Global Financial Services jumped 20% after investor Kirti Doshi acquired a 21% stake. Gujarat Mineral Development Corp extended its rally, with shares more than doubling in 2025 and gaining 56% this month alone.

KEC International climbed over 2% after securing new international transmission and distribution orders, while Hindustan Construction Co rose 3% on bagging ₹2,566 crore contracts for the Patna Metro project.

Auto stocks, especially four-wheelers, gained on strong sales numbers reported on the first day of Navratri, further aiding sentiment.