Sensex and Nifty Hit Six-Month Lows as Markets Decline
· Business · Economic Times, LiveMint
Indian equity benchmarks extended their decline on Tuesday as both the NSE Nifty 50 and BSE Sensex hit fresh six-month lows amid ongoing market pressure. The Nifty 50 dropped 64.05 points, or 0.28 percent, to close at 22,716.20, slipping toward its 200-week moving average. Against this backdrop, corporate developments from major firms including Tata Steel, KPI Green Energy, NLC India, Poonawalla Fincorp, and Cummins India remained in focus. Specifically, Tata Steel received a favorable order from the Income Tax Appellate Tribunal for fiscal year 2009, reducing its tax exposure by around Rs 427 crore to Rs 1,259 crore. Additionally, Tata Steel acquired 393.52 crore equity shares of its overseas subsidiary, T Steel Holdings Pte. Ltd, for $340 million as part of an additional funding plan.
Why it matters
The broader market correction tests key technical support levels for Indian indices while specific corporate updates drive individual stock movements.
Read the original report — Economic Times
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