Day after scaling new peaks post-exit polls boost, Sensex falls by 382 points
Indian share market on Tuesday could not hold on to the massive gains of the previous day. Benchmark equity indices BSE Sensex and NSE's Nifty50 fell from record highs.
Indian share market on Tuesday could not hold on to the massive gains of the previous day. Benchmark equity indices BSE Sensex and NSE's Nifty50 fell from record highs. However, the fall came after a jump. Sensex today hit a high of 39,571.73 points only to close at 38,969.8 points, a fall of 382.87 points or 0.97 percent over the previous day's close of 39,352.67 points. The market opened at 39,449.45 points, which is 97 points higher over the previous day's close.
On Monday, bourses witnessed huge gains after exit polls predicted that BJP-led National Democratic Alliance (NDA) is coming to power with a brute majority. Today, during the morning trade the market was mostly positive, as the day progressed they shed all the gains. Nifty50 closed over 1 percent lower at 11,709.10 points over the previous day's close. Most of the Nifty50 stocks declined, indicating that the market is bearish.
Tata Motors, BPCL, Adani Ports, IndusInd Bank are among the top losers on the bourses. Dr Reddy, Infratel, , Titan, and Britania were the top performers in the Nifty50 index. All the Nifty sectoral indices went into the negative zone during the evening trade.
Nifty Bank index, which rose substantially after the exit polls, closed 1.47 percent down. The market went down as there was selling pressure in Metal, Auto, IT and Realty stocks.
On Tuesday, oil prices rose after escalation of US-Iran tensions. Earlier expert said that the market will have a upside in the coming two-three days. They also predicted that the market may read to an unprecedented level.