Mumbai, Jan 20: The Indian benchmark indices continued their losses on Tuesday, tracking weak global cues and the US administration's escalation of tariff tensions with European countries.


Persistent selling by foreign Institutional Investors (FIIs) also weighed on the market sentiment.


Around 9.30 am, Sensex lost 275 points, or 0.33 per cent to reach 82,971 and Nifty declined 91 points, or 0.36 per cent to 25,494.


Main broadcap indices performed in line with benchmark indices, with the Nifty Midcap 100 losing 0.33 per cent, and the Nifty Smallcap 100 easing 0.54 per cent.


Among sectors, except Nifty FMCG, metal and PSU bank, all indices were trading in the red. PSU bank was the top gainer up 1.05 per cent. Realty and IT were among major losers, down 1.18 per cent and 0.65 per cent, respectively.


Immediate support lies at 25,400–25,450 zone, while resistance is now anchored near 25,700–25,750 zone, market watchers said.


Analysts predicted volatile days for stock markets in the near-term till some clarity emerges regarding the US- Europe standoff on Greenland tariffs.


"Since both sides have hardened their positions, the uncertainty will continue for some time. A new development is likely today with the US Supreme Court ruling on President Trump's tariffs," an analyst said.


Meanwhile, the IMF has raised India’s FY26 GDP growth to 7.3 per cent, confirming the robust performance of the economy despite many headwinds which will act as a headwind for the market.


Q3 results will suggest recovery in earnings growth once the results of auto companies start flowing, they added.


Asia-Pacific markets traded largely with losses during the morning session as investors assessed renewed US tariff threats to Europe tied to Greenland, further escalating trade tensions.


European states reportedly discussed counter-tariffs and broader punitive economic measures.


Meanwhile, China’s central bank kept its loan prime rates unchanged on Tuesday banking on targeted support for specific sectors to tackle slowdown in the economy instead of broad policy easing.


In Asian markets, China's Shanghai index lost 0.3 per cent, and Shenzhen eased 1.22 per cent, Japan's Nikkei declined 1.03 per cent, while Hong Kong's Hang Seng Index eased 0.09 per cent. South Korea's Kospi advanced 0.13 per cent.


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The US markets ended in the red in the last trading session as Nasdaq eased 0.06 per cent. The S&P 500 lost 0.06 per cent, and the Dow declined 0.17 per cent.


On January 19, foreign institutional investors (FIIs) sold net equities worth Rs 3,263 crore, while domestic institutional investors (DIIs) were net buyers of equities worth Rs 4,234 crore.


(IANS)