Mumbai (Maharashtra) [India], After a positive start on Tuesday, the Indian stock market faced selling pressure, leading to both the indices slipping into negative territory by the closing bell, while the Nifty fell 140 points to 22,302. But it closed. BSE Sensex closed 383 points lower at 73,511 points, Nifty Midcap 100 witnessed a huge decline, closing the trading session 987.75 points lower at 49,674.45. “The net selling by FIIs in the secondary market in April has continued in May as well,” said markets and banking expert Ajay Bagga. "Markets are risk-off in light of the June 4 result announcement for the national elections. Despite positive global cues, the lack of any strong household income upgrade means markets may remain on the sidelines till June 4," he said. "Bank Nifty also fell by 609 points for the second consecutive day and closed at 48,285 points. "Bank Nifty is showing more profit booking than Nifty, in the last trading session it closed below 48400, now we have reached the level of 47700. Can expect a decline.49300-49500 is an immediate resistance zone; Above this, we can expect a move towards 50000 levels,” said Pravesh Gaur, Senior Technical Analyst, Swastika Investmart Ltd. In the Nifty 50 list, 15 stocks closed with gains, while 35 stocks closed with losses. And Hindustan Unilever, Tech Mahindra, Britannia, Nestle India and TC joined the list of top gainers, while Bajaj Auto, Power Grid, ONGC, Indusin Bank and Hindalco joined the list of top losers of the day. Nifty has fallen by almost 500 points, while Sensex has fallen by almost 150 points since Friday. In the currency market, the dollar strengthened against the yen, while commodities such as oil and gold remained relatively stable amid geopolitical tensions in the Middle East. In global markets, stocks traded near one-month highs on Tuesday, raising fears of a possible U.S. Confidence increased. Interest rate cut. Varun Agarwal, MD, Profit Idea, said, “Last week saw a significant shift in investor sentiment regarding the US interest rate outlook, with market pricing indicating the possibility of multiple rate cuts by the end of 2024." Sectors contributed to wheat, corn and soybean prices, which were trading at multi-month highs. Stock markets started trading on a positive note in the morning as Sensex and Nifty indices rose in line with global market trends. Sensex opened 74.96 points higher at 73970.50, while Nifty 50 opened 35.70 points higher at 22478.40.