Nifty, Sensex End Lower As HDFC Bank, RIL, ICICI Bank Drag: Market Wrap
Nifty settled 0.62% lower at 22,302.50, and Sensex declined 0.52% to end at 73,511.85.
India's benchmark stock indices ended lower on Tuesday as heavyweights HDFC Bank Ltd., ICICI Bank Ltd., and Reliance Industries Ltd. declined. Nifty extended its loss to a third session, while the S&P BSE Sensex reversed gains from Monday.
The NSE Nifty 50 settled 140.20 points, or 0.62%, lower at 22,302.50, and the S&P BSE Sensex ended down 383.69 points, or 0.52%, at 73,511.85. Intraday, Nifty declined 0.94% to 22,232.05, and Sensex fell 0.86% to 73,259.26.
"Mid and small caps remained under the grip of the bears, which dragged the overall markets lower. As the day progressed, the index compounded its losses. However, in the last session, some recovery was seen from the lower levels, and Nifty 50 settled the day at 22,302.50, with a loss of 140.20 points," said Aditya Gaggar, director, Progressive Share Brokers Pvt.
Among the sectors, FMCG extended its morning gains to be the outperformer of the day, while a steep recovery in the IT counters helped the sector end the day in green. Conversely, realty and metal were the major laggards, Gaggar noted.
The index has made yet another bearish candle on the daily chart, indicating upper hand of the bears. The previous bullish gap zone of 22,160–22,200 will be considered support, while 22,400 is an immediate hurdle, according to him.
Shares of Hindustan Unilever Ltd., ITC Ltd., Tata Consultancy Services Ltd., Infosys Ltd., and Kotak Mahindra Bank Ltd. capped loss in the Nifty.
While those of HDFC Bank Ltd., ICICI Bank Ltd., Reliance Industries Ltd., Power Grid Corp. of India, and Tata Motors Ltd. weighed on the index.
On NSE, 10 sectors ended lower and two settled higher. The NSE Nifty Realty was the worst performer among sectoral indices, and the NSE Nifty FMCG was the top gainer.
Broader markets underperformed their larger peers. The S&P BSE Midcap closed 1.9% lower and the S&P BSE Smallcap settled down 1.65%.
Seventeen out of 20 sectors on the BSE closed lower. S&P BSE Fast Moving Consumer Goods, S&P BSE Information Technology, and S&P BSE Teck were the only indices that rose.
Market breadth was skewed in favour of the sellers. Around 2,727 stocks declined, 1,096 rose and 109 remained unchanged on the BSE.
