FINAL TRADE: Indices snap 3-day rally amid fall in financial stocks; Nifty ends at 22,005, Sensex drops 362 pts
Stock market today: The high-beta Nifty Bank index, whose 12 constituents include SBI, HDFC Bank, and ICICI Bank, finished the day with a loss of 263.55 points, or 0.56 per cent, at 46,600.2.
Stock market today: After a three-day rally, the domestic benchmark indices ended in the red on Tuesday, March 26, dragged by a sell-off in financial stocks and a pause in the Fed-driven global rally in the truncated trading week.
The blue-chip NSE Nifty 50 lost 0.42 per cent, or 92.05 points, to settle at 22,004.7, while the BSE Sensex shed 0.5 per cent, or 361.64 points, to close at 72,470.3.
At close, Bharti Airtel, Power Grid, Eicher Motors, Wipro, and Divi's led the losses in the Nifty 50, while notable gainers included Bajaj Finance, Hindalco, Adani Ports, Britannia, and NTPC.
"Aligned with global trends, the domestic market sustained its consolidation pattern, ending close to 22,000. While key data such as US GDP and inflation during the week may provide some clues on future rate cut paths, the fiscal year-ending truncated week, coupled with reduced trading volumes and monthly expiry, is likely to contribute to volatility, Vinod Nair, Head of Research, Geojit Financial Services, said.
The high-beta Nifty Bank index, whose 12 constituents include SBI, HDFC Bank, and ICICI Bank, finished the day with a loss of 263.55 points, or 0.56 per cent, at 46,600.2.
Meanwhile, the Nifty Smallcap100 and Nifty Midcap100 gauges rose 0.41 per cent and 1.05 per cent, respectively.
"Generally, midcaps are performing well post the consolidation of the last 2-3 weeks, while the IT sector continued to experience sluggishness following weak global IT spending forecasts," the expert added.
Global Market
European shares opened marginally lower on Tuesday, pulled down by miners and as investors gauged mixed messages from US Federal Reserve policymakers that clouded the outlook for easing monetary policy conditions.
The pan-European STOXX 600 edged 0.1 per cent lower, as of 0821 GMT. The benchmark index was on course for its second quarterly gain, up 6.3 per cent so far, underscored by the recent dovish pivots in global monetary policy.
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