Sensex, Nifty Close Lower Snapping Four-Day Winning Streak: Market Wrap
The Nifty 50 settled 0.22% lower at 22,356.3, and the Sensex declined 0.26% to end at 73,677.13.
India's benchmark stock indices ended lower on Tuesday, snapping four days of gains, weighed by losses in Infosys Ltd. and Bajaj Finance Ltd.
The NSE Nifty 50 settled 49.3 points, or 0.22%, lower at 22,356.3, and the S&P BSE Sensex declined 195.16 points, or 0.26%, to end at 73,677.13.
The Nifty hit an intraday low of 22,269.15, and the Sensex touched 73,412.25 earlier in the session.
"For traders now, the 22,275 level of the Nifty would act as a sacrosanct support zone. As long as the index is trading above this level, positive momentum is likely to continue, according to Shrikant Chouhan, head of equity research at Kotak Securities Ltd. "Above the same, the market (Nifty 50) could move towards 22,450–22,500. On the flip side, below 22,275, the uptrend would be vulnerable."
Stocks in the Asia-Pacific region closed in red as China’s new targets and measures to build confidence in its economy received a lukewarm response from markets. Hong Kong's Hang Seng fell the most by over 2.61%, while S&P ASX closed lower by 0.15% on Tuesday.
Brent crude was trading 0.08% higher at $82.88 a barrel. Gold was higher by 0.49% at $2,124.94 an ounce.
Shares of Bharti Airtel Ltd., HDFC Bank Ltd., Tata Motors Ltd., State Bank of India, and Sun Pharmaceuticals Ltd. were positively contributing to changes in the Nifty.
Whereas, Bajaj Finance Ltd., Bajaj Finserv Ltd., Infosys Ltd., Reliance Industries Ltd. and Tata Consultancy Services Ltd. weighed the index.
Most Nifty sectors ended higher, with Nifty PSU Bank and Nifty Auto advancing the most. Nifty IT and Nifty Media declined the most by 1.59% and 1.37%, respectively.
The broader markets also ended lower, with the BSE MidCap closing with 0.17% losses and the BSE SmallCap ending 0.63% lower on Tuesday.
On the BSE, 10 of the 20 sectors ended lower. BSE Services rose 1.30% to become the best-performing sector, while BSE Information Technology fell 1.61% to become the worst performer.
Market breadth was skewed in favour of sellers. Around 2,559 stocks fell, 1,281 rose, and 93 stocks remained unchanged on the BSE.
