4 hrs ago
Sensex, Nifty Fall as IT, Financial Stocks Weigh
India’s main stock-market indexes fell on Tuesday.
The Sensex and Nifty both ended lower.
Shares of technology, financial and capital goods companies were among those that declined.
Some large companies, including Bajaj Finserv and Tata Consultancy Services, were major losers.
A few stocks, such as Eternal, InterGlobe Aviation, Titan and Tata Steel, gained.
Markets in parts of Asia, Europe and the United States were generally positive.
Lower oil prices and softer global bond yields could have helped Indian stocks.
However, selling by investors and weak domestic sentiment kept the indexes under pressure.
Reports gave two different figures for Brent crude, listing both $98.66 and $198.66 per barrel.
The BSE Sensex fell 329.91 points, or 0.44%, to 74,529.08.
The NSE Nifty declined 85.30 points, or 0.36%, to 23,329.
IT, financial, capital goods and consumer-related stocks led the selling.
Bajaj Finserv, Trent, Bajaj Finance, Sun Pharma, Tata Consultancy Services and UltraTech Cement were among the major laggards.
Foreign Institutional Investors sold equities worth Rs 576.20 crore on Monday, while global markets mostly gained.
- Who
- Indian equity benchmarks Sensex and Nifty, domestic investors, and Foreign Institutional Investors.
- What
- The Sensex and Nifty declined as IT, financial, capital goods and consumer-related stocks weakened.
- Where
- Indian stock exchanges, with global markets providing the broader backdrop.
- When
- Tuesday; FII selling was reported for Monday.
- Why
- Broad-based domestic selling and continued FII selling outweighed positive global market trends, lower bond yields and easing crude prices.
Domestic Weakness
Global Support
Market direction
Domestic Weakness
Indian benchmarks were pressured by broad-based selling, particularly in IT, financials, capital goods and consumer-related stocks.
Global Support
Positive global markets, easing crude prices and softer global bond yields created a supportive external backdrop.
Investor sentiment
Domestic Weakness
Weak domestic sentiment and Foreign Institutional Investor selling contributed to the decline.
Global Support
Gains in Asian, European and US markets indicated that the wider international risk environment was more positive.
Key facts
- Sensex close
- 74,529.08, down 329.91 points or 0.44%
- Nifty close
- 23,329, down 85.30 points or 0.36%
- Leading weak sectors
- IT, financials, capital goods and consumer-related stocks
- Major laggards
- Bajaj Finserv, Trent, Bajaj Finance, Sun Pharma, Tata Consultancy Services and UltraTech Cement
- Stocks that gained
- Eternal, InterGlobe Aviation, Titan and Tata Steel
- FII activity
- Foreign Institutional Investors sold equities worth Rs 576.20 crore on Monday
- Crude oil discrepancy
- The report cites Brent crude at both $98.66 and $198.66 per barrel
Quotes
Ponmudi R
CEO of Enrich Money, an online trading and wealth technology firm
“Indian equity benchmarks ended lower on Tuesday, with domestic sentiment remaining weak despite a more supportive global backdrop. Falling crude oil prices and softer global bond yields offered a more supportive backdrop, but the improvement in global conditions failed to translate into gains for Indian equities. Broad-based selling across IT, financials and consumer goods kept the domestic benchmarks under pressure.”
rediff.com
Sources
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