Benchmark equity indices Sensex and Nifty closed with losses for the second day on Tuesday led by profit-booking in select banking, power and FMCG stocks amid mixed global markets and foreign fund outflows. A fall in key indices Reliance Industries, HDFC Bank and ICICI Bank also weighed on sentiment.
Reversing its early gains, the 30-share BSE Sensex closed 183.74 points, or 0.31 per cent, lower at 59,727.01. It fell 331.45 points, or 0.55 per cent, to 59,579.30 during the day’s trade. The broader NSE Nifty closed 46.70 points, or 0.26 per cent, lower at 17,660.15 as 29 stocks declined while 21 advanced. After gap-up opening, the index moved in a range of 17,766.60 to 17,610.20 during the day.
PowerGrid was the biggest loser in the Sensex pack, falling 2.62 per cent. UltraTech Cement, Titan, Reliance Industries, Bajaj Finance, Mahindra & Mahindra, ICICI Bank, Tata Consultancy Services, Tech Mahindra, ITC and HDFC Bank were among the major laggards. Nestle India bucked the trend, closing up 1.99 per cent. HCL Technologies, IndusInd Bank, Wipro, Maruti, Larsen & Toubro and Asian Paints were among the gainers.
“Banking stocks underperformed during the day, while the market battled selling in the IT sector. However, the IT sector experienced a minor relief rally, aided by bottom fishing, as the recent correction This has made the sector attractive for long-term investment,” said Vinod Nair, Head of Research, Geojit Financial Services.
Deepak Jasani, head of retail research at HDFC Securities, said global markets struggled to post higher gains on Tuesday as investors weighed Chinese data that pointed to an uneven recovery, as well as reports from the Federal Reserve and other central banks. is likely to further tighten the policy. , In the broader market, the BSE Midcap gauge climbed 0.52 per cent and the Smallcap index rose 0.22 per cent.
Among the indices, utilities declined by 0.81 per cent, electricity by 0.76 per cent, telecom by 0.71 per cent, consumer durables (0.62 per cent) and articles (0.18 per cent). Realty, healthcare, metals, IT and tech were among the winners. “The market closed in the negative territory for the better part of the trading session and remained weak for the second consecutive day led by selective profit-taking in banking, power and FMCG stocks.
However, buying in realty and metal stocks limited the losses,” said Shrikant Chauhan, head of equity research (retail), Kotak Securities Ltd. In Asian markets, Seoul and Hong Kong declined, while Japan Shanghai closed with gains. Happened. Were trading with an edge in the afternoon trade. On Monday, the US markets were closed in a positive range.
On Monday, the Sensex closed at 59,910.75, down 520.25 points or 0.86 per cent. The Nifty closed 121.15 points, or 0.68 per cent, down at 17,706.85. Meanwhile, global oil benchmark Brent crude fell 0.12 per cent to USD 84.66 per barrel. Foreign portfolio investors (FPIs) offloaded equities worth Rs 533.20 crore on Monday, according to exchange data.
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