Indian equities ended lower on Tuesday despite a strong rally in IT stocks and fresh highs in capital-market shares, as weakness in banks and other heavyweight stocks capped the rebound from lower crude prices. The Nifty 50 closed at 23,618.00, down 31.95 points or 0.14%, while the Sensex fell 114.19 points or 0.15% to 75,200.85 after giving up a chunk of its early gains on weekly expiry day.

Oil relief lifts open, but gains fade

Markets opened higher after Brent crude fell as U.S. President Donald Trump paused strikes on Iran, easing immediate concerns over energy supply disruption and improving risk sentiment. That provided initial support because lower oil prices typically help India by easing inflation, the current account and corporate input-cost pressures. But the early rise proved short-lived as expiry-related unwinding and selling in financials pulled the benchmarks back into the red.

The Nifty opened at 23,675.30, climbed to an intraday high of 23,782.30, but slipped to a low of 23,587.20 before closing lower. Bank Nifty showed a similar pattern, ending at 53,409.15, down 0.24%.

IT rallies, but market breadth stays narrow

Technology was the main support. Nifty IT jumped 3.23% to 29,308.00, with Infosys up 4.51%, HCL Tech 2.91%, Tech Mahindra 2.59%, TCS 2.05% and Wipro 1.73%. The IT move indicated stock-specific buying, helped by a softer crude backdrop and a preference for export-oriented names.

But the gains remained concentrated, and that prevented the benchmarks from sustaining the opening rally.

Capital-market stocks hit highs

One of the day’s strongest pockets was the capital-market segment. The Nifty Capital Markets index rose 1.61% to 5,566.55 after touching a record high of 5,614.60. Within the space, Angel One surged 8.57% intraday to a high of 330.00, BSE rose 4.32% to a 52-week high of 4,298.90, MCX gained 2.97% to a 52-week high of 3,447.4, and CDSL climbed 2.67% to an intraday high of 1,215.90.

The rally in these shares hinted at continued investor interest in businesses tied to trading volumes, exchange infrastructure and capital-market activity.

Why banks fell

Banks, however, moved the other way and became the main drag on the market. Kotak Bank was the biggest loser in the Nifty pack, down 2.40%, while financials generally underperformed. A key reason was the absence of broad risk-on buying outside IT, with investors continuing to stay selective in a session dominated by expiry-related repositioning. Market commentary in recent sessions has also pointed to persistent pressure on bank stocks from a weak rupee, global yield concerns and cautious sentiment around financials.

The session captured a split market: strong momentum in IT and capital-market stocks, but not enough support from banks and other large caps to keep the benchmarks positive. On an expiry day, that narrow leadership was not enough. The result was a market that opened on oil relief, saw fresh highs in parts of the capital-market ecosystem, yet still ended lower.