The two key equity benchmarks, Sensex and Nifty, on Tuesday closed in the red after erasing all gains following profit booking in index heavy weights. The S&P BSE Sensex, which hit the 75,000-mark for the first time, closed 59 points lower at 74,684. On the other hand, the NSE Nifty50, after reaching an all-time high of 22,768, settled 24 points lower at 22,643.
Stock update
On the 30-share Sensex platform, Titan, Reliance, Asian Paints, TechM, IndusInd Bank, UltraCemco emerged losers. On the flip side, ICICI Bank, Infosys, Bajaj Finserv, M&M, Tata Steel, Axis Bank were among gainers.
In the broader markets, the BSE Midcap and Smallcap indices dipped up to 0.4 per cent.
India VIX, which measures near-term volatility, eased by over 2 per cent to close around 11.3.
Sectoral update
Sectorwise, Nifty Media and PSU Bank dropped up to 1 per cent, while the Nifty Metal index advanced 1.1 per cent.
In the previous session on Monday, the BSE Sensex went up 494 points higher to close at 74,743, while the NSE Nifty50 soared to 163 points to 22,666.
"The Indian market reached a fresh intra-day peak before seeing profit-booking at higher levels in anticipation of tomorrow's key US inflation data, which carries weight in determining future rate cuts by the US Fed. Concerns have emerged amidst recent better-than-anticipated US employment and manufacturing data, suggesting a potential shift in expectations regarding rate cuts this year," said Vinod Nair, head of research at Geojit Financial Services.
Global markets
In Asian markets, Tokyo, Shanghai and Hong Kong settled in the positive territory while Seoul ended lower. European markets were trading mostly lower. Wall Street ended on a mixed note on Monday.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 684.68 crore on Monday, according to exchange data.
Global oil benchmark Brent crude climbed 0.18 per cent to $90.54 a barrel.
Rupee
Forex and money markets will remain closed on Tuesday on account of 'Gudhipadwa'.