Sensex declines 498 points, while the Nifty ends below 16,500

Technology, consumer, car, and pharmaceutical stocks on Tuesday contributed to the second straight session of declines in Indian market indexes.

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As a result of weakness in technology, consumer, auto, and pharmaceutical industries, Indian equity indexes fell for the second straight day on Tuesday. A further strong increase in U.S. interest rates was anticipated by investors. The central bank increased its benchmark rate by 50 basis points (bps) in its most recent policy, and it is anticipated to raise it by a further 75 bps in the policy result for July, which is due on Wednesday.

While U.S. market futures suggested a worse opening for Wall Street, stocks in Asia generally traded higher on a global scale.

The 30-share BSE Sensex fell 498 points or 0.89 percent to end the day at 55,268 at home, while the larger NSE Nifty fell 147 points or 0.88 percent to end the day at 16,484.

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The Nifty Midcap 100 declined 1.25 percent, while small- and mid-cap shares both ended the day down 1.48 percent.

The National Stock Exchange’s compilation of 15 sector gauges, 14 of which reached negative closing values. By declining by up to 2.83 percent, 1.39 percent, 1.29 percent, 1.18 percent, and 1.18 percent, respectively, the sub-indices Nifty IT, Nifty FMCG, Nifty Consumer Durables, Nifty Auto, and Nifty Pharma underperformed the NSE platform.

Nifty Media, on the other hand, increased up to 0.86 percent.

In terms of individual stocks, Infosys was the biggest loser on the Nifty, with the stock falling 3.51 percent to 1,450.85. Axis Bank, Dr. Reddy’s, Hindustan Unilever, and Kotak Mahindra Bank were all among the backwards.

1,156 shares rose and 2,170 fell on the BSE, resulting in a negative market breadth overall.

Information Systems, Axis Bank, HUL, Dr. Reddy’s, Kotak Bank, HCL Technologies, TCS, Titan, Tech Mahindra, and Nestle India were among the biggest losses on the 30-share BSE index, with their shares falling as high as 3.40 percent.

In addition, as a one-year lock-in period for promoters, workers, and other investors came to an end following a 2021 IPO, shares of meal delivery startup Zomato continued to decline and fell 12.41% to 41.65.

Additionally, Life Insurance Corporation of India (LIC), the biggest domestic financial investor and insurer in the nation, decreased 1.29 percent to close at 675.35.

On the other hand, Asian Paints, IndusInd Bank, Reliance Industries, Bharti Airtel, ITC, PowerGrid, Bajaj Finance, Bajaj Finserv, NTPC, M&M, and Bajaj Finserv finished in the black.