Closing Bell: Nifty ends near 16, 600, Sensex sheds over 350 points; banking, financial stocks decline most
Snapping a three-day winning streak, the Indian market ended more than half per cent lower amid profit booking and weak cues from Asian markets on Tuesday.
Snapping a three-day winning streak, the Indian market ended more than half per cent lower amid profit booking and weak cues from Asian markets on Tuesday. The broader Nifty 50 closed near 16,500, while the Sensex declined by around 400 points.
In the broader market, Nifty midcap ended lower by around 0.2%, while small cap rose more than one per cent as India Volatility Index (VIX) settled around 20-mark.
"Domestic market failed to hold on to recovery mode as it was awaiting the release of Q4 GDP data. GDP is expected to register a slower growth rate of 4.0-4.2% as the consumer spending and investments were hit by soaring inflation," said Vinod Nair, Head of Research at Geojit Financial Services.
A hike in oil prices due to the EU’s ban on Russian oil imports would act as a headwind in taming global inflation, he said, adding changes in policy by central banks would be a major factor to be monitored in the coming days.
Meanwhile, Nifty Realty gained around two per cent, followed by Metal, Media, Auto and FMCG, which rose between 0.15% to 1.50%. All other sectoral indices slipped in the red, with banking and financial services stocks taking the maximum beatings.
Among stocks, ONGC led Nifty50 pack, while NTPC gained the BSE Sensex. Coal India, Mahindra and Mahindra, JSW Steel, Power Grid, Tech Mahindra, Tata Steel and ITC were other top gainers on the benchmark indices.
Kotak Bank, Sun Pharma, State Bank, HDFC, Shree Cements, Sun Pharma, State Bank of India and Infosys were among top losers.
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