The Nifty ended the day at its lowest, driven by strong selling pressure on banking stocks, notably HDFC Bank. The main factor behind this slowdown has been the rise in the dollar index, which, although a measure of the US currency, has become a significant challenge for emerging market stocks . A stronger dollar generally signals weaker performance for these markets. Software stocks offered some resilience, thanks to strength from companies like HCL Tech, Coforge, Sasken and Mastek. Pharmaceutical stocks also provided relief, indicating a shift towards defensive sectors amid market volatility. Looking ahead, the bears are likely to retest the crucial 23,828 level on the Nifty in Wednesday’s session. The market remains cautious with investors closely monitoring global signals and the impact of the Dollar Index on stocks. Defensive plays may continue to gain ground in the near term, reflecting increased market uncertainty.