Stock Market Snaps 3-Day Winning Run: Sensex Falls 111 Points; Nifty Ends Around 22,450
Stock update: On the 30-share Sensex platform, Kotak Bank, HCLTech, ICICI Bank, Sun Pharma, Infosys, TCS were among the losers. M&M, Nestle, Tata Motors, SBI, IndusInd Bank, Tata Steel emerged gainers
The two key equity benchmarks, Sensex and Nifty, on Tuesday snapped their three-day winning run closed lower amid volatility on profit booking in heavyweights such as ICICI Bank, L&T, Infosys, Kotak Bank. The S&P BSE Sensex closed 111 points down at 73,902. On the other hand, the NSE Nifty50 settled at 22,453, down 9 points.
On the 30-share Sensex platform, Kotak Bank, HCLTech, ICICI Bank, Sun Pharma, Infosys, TCS were among the losers. On the flip side, M&M, Nestle, Tata Motors, SBI, IndusInd Bank, Tata Steel emerged gainers.
In broader markets, the BSE Midcap and Smallcap indices advanced over 1 per cent.
Sectorally, realty, metal, oil & gas, media, power, and auto rose 1-2 per cent, while information technology and telecom indices dropped 0.5 per cent each.
In the previous session on Monday, the BSE Sensex rose 363 points to 74,014, while the NSE Nifty50 closed at 22,462, up 135 points.
"The domestic market took a breather today after achieving a fresh record high yesterday. Factors such as a rising dollar, increasing US bond yields, and a notable uptick in crude oil prices collectively dampened investor sentiment," Vinod Nair, Head of Research, Geojit Financial Services said.
Asian markets saw mixed results today, with Shanghai closing lower while Tokyo, Seoul, and Hong Kong finished in positive territory. Across Europe, most markets were trading with gains. However, Wall Street concluded Monday's session mostly in the red.
According to exchange data, Foreign Institutional Investors (FIIs) sold off equities worth Rs 522.30 crore on Monday.
Brent crude, the global oil benchmark, rose by 1.61 percent to $88.83 per barrel.
On the currency front, the rupee exhibited consolidation within a narrow range on Tuesday, ending 4 paise lower at 83.43 against the US dollar. This was attributed to the strength of the dollar and the persistently high crude oil prices.
Forex traders noted that the downward trend in domestic equities also negatively impacted investor confidence.
In interbank foreign exchange trading, the rupee commenced at 83.37, reaching an intraday high of 83.34 and a low of 83.44 against the greenback before settling at 83.43, marking a 4 paise decline from the previous close.
Last Thursday, the rupee had depreciated by 6 paise, settling at 83.39 against the US dollar.
It's worth mentioning that the Forex market remained closed on Friday and Monday due to 'Good Friday' and the annual bank account closing, respectively.
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