Mumbai, Jan 6 (NationPress) Indian equity benchmark indices experienced a decline for the second day in a row on Tuesday, primarily influenced by significant losses in major stocks such as Reliance Industries and Trent.

The downturn in these substantial stocks kept the overall market sentiment under strain throughout the day. By the end of trading, the Nifty closed at 26,178.70, down by 71.6 points or 0.27 percent.

According to an analyst, “The index is currently in a short-term consolidation phase amidst tariff-related and geopolitical uncertainties, while remaining above the vital 26,100–26,000 support zone, coinciding with the 20-day EMA and a major psychological threshold.”

“A significant drop below 26,000 could escalate downside risks toward the 25,900–25,800 area, especially if global risk sentiment deteriorates,” the analyst added.

The Sensex also concluded lower at 85,063.34, falling by 376.28 points or 0.44 percent.

Shares of Reliance Industries saw their largest intraday decline in over eight months, plummeting by more than 4 percent.

This stock faced selling pressure following reports that the brokerage firm CLSA had removed Reliance from its India model portfolio.

Trent shares experienced an even steeper decline, decreasing by around 9 percent after the company published its third-quarter business update, which left investors disappointed.

In addition to Reliance and Trent, stocks like Kotak Mahindra Bank, ITC, and HDFC Bank were also among the top losers on the Sensex.

Conversely, ICICI Bank, Sun Pharmaceutical Industries, Hindustan Unilever, State Bank of India, and Tata Consultancy Services provided some support to the index by ending the session in positive territory.

The broader market also showed signs of weakness, with the Nifty Midcap 100 declining by 0.19 percent, while the Nifty Smallcap 100 closed 0.22 percent lower, indicating cautious sentiment beyond the leading stocks.

On the sectoral front, the Nifty Oil and Gas index performed the worst, falling by 1.75 percent.

Media and chemicals stocks also faced pressure. In contrast, healthcare and pharma stocks outperformed the market, emerging as the top sectoral gainers amid selective buying interest.

Meanwhile, the Indian rupee appreciated after four days of decline, largely due to a tactical move driven by foreign bank dollar supply and a tentative return of inflows from foreign funds.

“The trend remains neutral-to-bullish for the spot USDINR as long as it stays above 89.90,” stated the analyst.