Markets halt seven-day winning streak, all sectors struggle
Sensex closed with a loss of 729 points, or 0.93%, at 77,288.50, while the Nifty 50 settled 182 points, or 0.77%, lower at 23,486.85.
Amid mixed macroeconomic data, with CPI falling to near a 5-year low and IIP growing at a slower pace, benchmark indices ended lower for the second consecutive session on Tuesday.
The Sensex ended 692.89 points, or 0.87%, at 78,956.03, while the Nifty50 settled 208, or 0.85%, lower at 24,139.
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The market opened marginally lower and extended the losses as the day progressed, dragging Nifty near 24,100 and Sensex below 79,000 amid selling across the sectors.
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Among the sectors, Nifty Fin Services was the top sectoral loser, down 1.87%. Apart from HDFC Bank, Shriram Finance, Cholamandalam Invest, PFC, and HDFC Life also lost over 2.5 per cent each.
Nifty Bank index, Bandhan Bank, SBI, Bank of Baroda, and Kotak Bank shed between 1-2.3% each.
In the Nifty Metal index, Hind Zinc was the top dragger, down 5.2%, followed by Welspun Corp, SAIL, NALCO, and NBDC, each down over 2.5%.
On the BSE, Titan, HCL Tech, Nestle India, Sun Pharma, and Reliance Industries were the top gainers, while HDFC Bank, Tata Motors, Tata Steel, Bajaj Finance, and SBI were the top losers.
The BSE Midcap and Smallcap indices also lost one per cent each.
HDFC Bank’s shares took a nearly 3% dip by trading at Rs 1,614 apiece.
The drop came after investors expressed disappointment over the MSCI Global Standard Index’s decision to increase the bank’s weightage in two stages instead of one and lower-than-expected weight change.
Ola Electric’s share price opened upside and touched an intraday high of ₹129.40 apiece on the NSE, registering around a 70% rise against the listing price of ₹76 apiece.
Mamaearth parent Honasa Consumer’s share price surged 3 per cent after international brokerage Goldman Sachs initiated coverage on the Beauty and Personal Care (BPC) player.
Fertilisers And Chemicals Travancore shares fell 4% after the company posted a net loss of Rs 48.7 crore for the June quarter.
Meanwhile, volatility extended its uptrend and climbed above the 16 mark, causing more discomfort for bulls.
The India VIX, the fear gauge, rose 1.89% to 16.17 from 15.87 levels.
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