Sensex decreases by more than 150 Points, while Nifty trades below 16,250
Consumer goods, technology, and bank sectors pulled the Indian equity indices lower in opening trades on Tuesday following two straight days of gains.
Image Courtesy: NDTV
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Consumer goods, technology, and bank sectors pulled the Indian equity indices lower in opening trades on Tuesday following two straight days of gains. The domestic indices followed the direction of the Asian markets, which mainly fell after Wall Street’s overnight fall.
Even while U.S. stock futures and Japan’s Nikkei were up, global markets were unable to settle on a clear course.
At home, the 30-share BSE Sensex dropped 179 points or 0.33 percent in the morning session to close at 54,341, while the larger NSE Nifty declined 53 points or 0.33 percent to close at 16,225.
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As the Nifty Midcap 100 crept up 0.8% and the small-cap index fell 0.19%, mid- and small-cap equities were trading in a mixed bag.
The National Stock Exchange’s 15 sector gauges, 11 of which were in the red, were trading. NSE platform underperformed by 0.26 percent, 0.31 percent, and 0.39 percent, respectively, for the sub-indices Nifty IT, Nifty Bank, and Nifty FMCG.
In terms of individual stocks, HDFC Life was the biggest loser on the Nifty, with the stock falling by 0.94 percent to 537.65. Along with Asian Paints, SBI Life, Tata Consumer Products, Nestle India, and other companies lagged behind.
However, the overall market breadth was favourable as 1,733 equities on the BSE were rising while 843 were falling.
One of the major losers on the 30-share BSE index was Infosys, followed by HCL Tech, Nestle India, Asian Paints, Tech Mahindra, Bajaj Finserv, L&T, ICICI Bank, Titan, HDFC Bank, Bajaj Finance, and Hindustan Unilever.
The largest domestic financial investor and insurer in the nation, Life Insurance Corporation of India (LIC), saw a 0.39 percent decline in share price to trade at 693.65.
The stock prices of Tata Steel, M&M, UltraTech Cement, Bharti Airtel, Maruti, and Sun Pharma, on the other hand, were rising.
On Monday, the Nifty surged 229 points or 1.43 percent higher to end the day at 16,279, while the Sensex gained 760 points or 1.41 percent to close at 54,521.