Dainik Nation News Portal
Benchmark indices spiralled lower on Tuesday, dragged by widespread selling in bank, energy and IT stocks, as investors booked profit at higher levels amid lacklustre macro and global cues.
The 30-share BSE Sensex, after a positive opening, lost momentum throughout the session. It finally closed 247.55 points or 0.61 per cent lower at 40,239.88.
On similar lines, the 50-scrip NSE Nifty fell 80.70 points or 0.68 per cent to finish at 11,856.80.
Participants were eager to take money off the table amid lack of positive news on the growth front, while global cues were weak due to the US-China tensions, traders said.
Yes Bank was the biggest loser in the Sensex pack with 10.05 per cent decline, followed by PowerGrid, IndusInd Bank, NTPC, ITC, TCS, Axis Bank, Hero MotoCorp, M&M and HCL Tech, which lost up to 2.66 per cent.
On the other hand, Bajaj Finance, HUL, HDFC Bank, ICICI Bank, and Bajaj Auto gained up to 1.06 per cent.
“Selling in domestic market accentuated today as investors turned more cautious over double whammy of inflationary pressure and weak growth.
“Another factor which is impacting market is the likelihood of maintenance of status quo on rates by both US Fed and ECB. Given domestic premium valuation of key indices, market is highly susceptible for near term volatility,” said Vinod Nair, Head of Research at Geojit Financial Services.
All the BSE sectoral indices finished in the red.
BSE Utilities took the biggest hit with 2.16 per cent fall, followed by power (1.83 per cent), oil & gas (1.73 per cent), metal (1.38 per cent), basic materials (1.27 per cent), IT (1.18 per cent), Teck (1.12 per cent), FMCG (1.11 per cent) and energy (1.02 per cent).
BSE Auto declined 0.79 per cent after industry data showed that domestic passenger vehicle sales slipped into the negative territory once again in November due to muted demand conditions.
According to data released by the Society of Indian Automobile Manufacturers (SIAM), passenger vehicle (PV) sales declined 0.84 per cent to 2,63,773 units in November from 2,66,000 units in the year-ago period.
Meanwhile, the rupee appreciated by 11 paise to trade at 70.93 against the US dollar (intra-day).
Brent futures, the global oil benchmark, slipped 0.33 per cent to USD 64.04 per barrel.
