Stock Market: Sensex Marginally Sheds 37 Points, Nifty Holds 17,000 Amid Volatility

Stock update: Tata Steel was the top loser, shedding 2.25 per cent, followed by Titan, SBI, Kotak Bank, Tech Mahindra, ICICI Bank, and HDFC twins on the Sensex platform

Sensex and Nifty, the two key equity benchmarks, on Tuesday closed marginally lower for a five-straight day as recession fears spooked investors. The domestic indices went lower tracking losses in metal, banking, and financial stocks, while investors also remained concerned over persistent foreign fund outflows, traders said.

The BSE Sensex shed 37 points (0.07 per cent) to end at 57,107. On the other hand, the broader NSE Nifty closed 8.90 points (0.05 per cent) down at 17,007.

On the 30-share Sensex platform, Tata Steel was the top loser, shedding 2.25 per cent, followed by Titan, SBI, Kotak Bank, Tech Mahindra, ICICI Bank, and HDFC twins. On the flip side, PowerGrid, IndusInd Bank, Dr Reddy's, HCL Tech, and Nestle India are among the gainers. Of the Sensex constituents, 18 stocks closed lower while 12 were in the green.

The broader markets, on the other hand, outperformed as the Nifty MidCap, and SmallCap indices gained up to 0.2 per cent.

Among sectors, defensives rose in trades with the Nifty IT, FMCG, and Pharma indices advancing between 0.6 per cent and 0.9 per cent. On the downside, the Nifty Metal, and Financial Services indices fell 0.89 per cent each.

In the previous session on Monday, the BSE Sensex plunged 953 points (1.64 per cent) to close at 57,145, while the broader NSE Nifty fell 311 points (1.80 per cent) to 17,016.

Elsewhere in Asia, bourses in Hong Kong, Tokyo, Seoul closed in positive territory. Stock exchanges in Europe were trading on a mixed note in mid-session deals.

International oil benchmark Brent crude climbed 1.78 per cent to $85.56 per barrel.

Foreign institutional investors (FIIs) were net sellers in the capital market, offloading shares worth Rs 5,101.30 crore on Monday, according to stock exchange data.

The rupee consolidated in a narrow range and settled 9 paise higher at 81.58 (provisional) against the US dollar on Tuesday as the American currency retreated from its elevated levels.

At the interbank forex market, the local unit opened at 81.45 against the greenback. It witnessed an intra-day high of 81.30 and a low of 81.64 during the session. It finally ended at 81.58, up 9 paise from its previous close.