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Indian benchmark indices reversed early gains and traded in the red on Tuesday, weighed down by banking, financial, and auto stocks
Sensex Today
Indian benchmark indices reversed early gains and traded in the red on Tuesday, weighed down by banking, financial, and auto stocks, amid disappointing earnings and foreign outflows. Investors also awaited inflation data, scheduled for release later in the day.
At close, the Sensex was down 820.97 points or 1.03 per cent at 78,675.18, and the Nifty was down 257.80 points or 1.07 per cent at 23,883.50. About 1155 shares advanced, 2641 shares declined, and 93 shares unchanged.
Biggest losers on the Nifty were Britannia Industries, HDFC Bank, NTPC, Asian Paints and Bharat Electronics, while gainers included Trent, HCL Technologies, Sun Pharma, Infosys and Reliance Industries.
Among sectors, all the sectoral indices ended in the red with auto, bank, capital goods, FMCG, metal, oil & gas, power, telecom, media, pharma down 0.5-2 per cent.
BSE Midcap and Smallcap indices shed 1 per cent each.
“Two strong factors have been at play in this consolidating market. One, the relentless selling by FIIs has been favouring the bears and pulling the market down. Two, the sustained buying by DIIs has been supporting the market preventing a crash in the market. How the market will trend in the coming days will depend on the relative strength of these two factors,” said Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
Global Cues
That apart, Wall Street kicked off a busy week on Monday by holding on to gains from the surge in stocks that followed Donald Trump’s US election victory, while oil prices declined and bitcoin raced to a new record high.
Markets in the Asia-Pacific region were mixed on Tuesday, amid a cautious mood there.
Australia’s S&P/ASX 200 was 0.42 per cent lower. Japan’s Nikkei 225 added 0.57 per cent while the Topix rose 0.86 per cent. South Korea’s Kospi was down by 0.73 per cent, while the Kosdaq Index dropped 1.41 per cent.
Hong Kong’s Hang Seng index were down 0.49 per cent, while China’s CSI300 was ahead by 0.66 per cent and the Shanghai Composite was lower by 0.04 per cent.
In the US equity markets, the Dow Jones Industrial Average rose 0.7 per cent, to 44,293, the S&P 500 rose 0.1 per cent, to 6,001 and the Nasdaq Composite was little changed at 19,298.
