Share Market News: Sensex Slides 220 Points; Nifty Below 22,900 Amid Volatility. Mid, Smallcaps Drag

Share Market News: The two key equity benchmarks, Sensex and Nifty, on Tuesday closed in the red amid volatility after hitting record highs for three consecutive days. The S&P BSE Sensex, which oscillated between gains and losses in intraday trading, ended at 75,170, down 220 points. On the other hand, the NSE Nifty50 settled at 22,888, down 44 points.

Stock update

On the 30-share Sensex platform, PowerGrid, TechM, NTPC, Tata Motors, Airtel, Reliance emerged losers. On the flip side, Asian Paints, Wipro, JSW Steel, HUL, Bajaj Finserv, M&M were among the gainers.

In the broader markets, the BSE Midcap declined 0.63 per cent while the BSE Smallcap sank 1.09 per cent.

Sectoral update

Sectorwise, Nifty Realty shed 2.3 per cent, Nifty PSU Bank dropped 1.4 per cent, while Nifty Metal dipped 0.58 per cent.

In the previous session on Monday, the BSE benchmark ended lower by 20 points at 75,391, while the NSE Nifty50 closed at 22,932, down 25 points.

"The Indian market exhibited mild consolidation post the recent sharp surge. The uncertainty-led volatility is likely to continue as the market approaches the election outcome," Vinod Nair, Head of Research, Geojit Financial Services said.

Global update

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong settled lower. European markets were trading on a mixed note. US markets were closed on Monday for the Memorial Day holiday.

Global oil benchmark Brent crude climbed 0.13 per cent to $83.21 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 541.22 crore on Monday, according to exchange data.

Rupee falls 5 paise

Meanwhile, the rupee pared initial gains and settled for the day 5 paise lower at 83.18 (provisional) against the US dollar on Tuesday, amid a negative trend in domestic equities and on dollar demand from importer at lower levels. Forex traders said the rupee consolidated in a narrow range as elevated crude oil prices weighed on investor sentiments, while the decline in US dollar cushioned the downside.

At the interbank foreign exchange market, the local unit traded in a narrow range. It opened at 83.14 and touched an intra-day high of 83.10 and a low of 83.19. The domestic unit finally settled for the day at 83.18 (provisional), down 5 paise from its previous close. On Monday, the rupee pared its initial gains and settled for the day lower by 3 paise at 83.13 against the US dollar.

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