Indian stock markets on Tuesday snapped their four-day winning streak. Indices ended in a volatile session dragged by selling in Information Technology, PSU Bank and oil & gas stocks.
At close, the Sensex was down 329.91 points or 0.44 percent at 74,529.08, and the Nifty was down 85.30 points or 0.36 percent at 23,329. Broader markets also ended lower, with the Nifty Midcap 100 and Smallcap 100 indices closing marginally down.
Among the sectors, Media index rose 1%, and Realty index added 0.9%, while IT index shed nearly 1% and FMCG, PSU Bank, Pharma, Oil & Gas down 0.5% each.
The losers on the Nifty were Tata Consumer Products, Bajaj Finserv, Nestle, Bajaj Finance, Grasim Industries, while gainers included Coal India, Interglobe Aviation, Eternal, Titan Company and Dr Reddy’s Labs.
Indian Rupee traded positive by around 0.26% at 95.58, supported by strong profit booking in crude prices. Gold witnessed volatile moves between Rs 1,51,850– Rs 1,53,350, as falling crude prices provided support.
Vinod Nair, Head of Research, Geojit Investments Limited said, “The continued decline in crude oil prices, with Brent slipping below the key $100/bbl level, provided some relief to investors and helped the domestic market recover from intraday lows, although overall sentiment remained cautious. Expectations of renewed diplomatic efforts surrounding the Iran conflict and prospects of improved Saudi oil shipments eased concerns over inflationary pressures, while positive global cues lent additional support to the market. Sectoral performance remained mixed, reflecting a selective risk appetite among investors.”
“With crude prices witnessing a sharp correction in recent weeks, market participants are increasingly focused on the sustainability of this trend given its implications for inflation, bond yields and corporate earnings. While geopolitical uncertainties remain unresolved, sustained stability in energy prices could improve earnings visibility and provide a firmer foundation for a broader market recovery.”
