For benchmark Nifty 50 index, 23000 would act as a crucial support zone and if sustains above this level, the market could bounce back to the range of 23250-23325 level, said experts

Indian benchmark indices extended the selloff on Tuesdays and are poised to close at the lowest level since the June crash. Selloff in Oil and Gas stocks and banks led the declines in the benchmark index. Nifty 50 index fell below 23,000 for the first time since June 7, 2024, and Sensex fell nearly 1,300 points on Tuesday.

Benchmark indices rise driven by IT stocks, while broader markets face selling pressure; market breadth remains negative.

The trends on Gift Nifty also indicate a negative start for the Indian benchmark index. The Gift Nifty was trading around 23,137 level, a discount of nearly 60 points from the Nifty futures’ previous close.

Shares of Central Bank of India Ltd. surged over 4% on Monday after it reported over 30% jump in its net profit for the third quarter. The profit for the company rose 33.6% to Rs 959 crore in the December quarter against Rs 718 crore in the same period last year.

The main drivers of the market are IT stocks, even when the broad-based performance is under selling pressure. Consumer durables, realty, oil & gas, media and metal stocks are in deep red. The performance comes after Sensex and Nifty crashed by 2% each in the previous session,

The Nifty 50 ended the session with a gain of 0.61% at 23,344, while the Sensex closed at 77,073, marking a 0.59% increase from the previous close.

The Nifty 50 ended 130.75 points higher, or a 0.57% gain, to settle at 23,164 points, while the BSE Sensex finished the trade at 76,383 points, 0.72% higher than Tuesday’s close.