Indian shares fall on selling pressure at near record high levels

BENGALURU: India’s benchmark indexes fell on Tuesday, dragged by financials, auto and information technology stocks, as selling pressure emerged at near record high levels.

The blue-chip NSE Nifty 50 fell 0.35% to 21,665.80 points, while the S&P BSE Sensex shed 0.53% to 71,892.48.

“We expect selling pressure at near record high levels to continue ahead of the earnings season next week,” said Anita Gandhi, founder and head of institution at Arihant Capital While the undertone remains positive, the markets will need proof of earnings to justify the rich valuations and sustain the ongoing rally, Gandhi added..

The Nifty gained about 20% in 2023, with more than half of it in the final two months, aided by faster-than-expected quarterly growth, elevated bets of US rate cuts in the first half of 2024, and steady retail participation.