Indian equity benchmark -- Nifty -- ended lower for third consecutive session on Tuesday amid escalating geopolitical and tariff tensions. Index made a gap-up start followed by broadly positive cues from other Asian markets. Soon, index wipe out all opening gains and slipped into red terrain. Sentiments were weak as Engineering Export Promotion Council of India stated that US President Donald Trump's proposed 50 per cent tariff on steel and aluminium imports could severely impact India's engineering goods' shipments. Meanwhile, rising crude oil prices also weighed on the domestic sentiments. Prices rose on concerns about supply, with Iran set to reject a U.S. nuclear deal proposal that would be key to easing sanctions on the major oil producer, and with production in Canada hit by wildfires. Some cautiousness also came amid foreign fund outflows. FIIs were the net seller on Monday, offloading Rs 2589.47 crore worth of shares. In afternoon session, index magnified its losses and continued it till the end of the session. Finally, index closed below 24,550 mark.
Most of the sectorial indices ended in red except Realty and Media stocks. In the index option segment, maximum OI continues to be seen in the 25900 - 26100 calls and 23900 - 24100 puts indicating this is the trading range expectation.
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