Stock market ends five-day winning streak
At close, Sensex was down 609.28 points, or 0.82%, at 73,730.16. Meanwhile, Nifty opened higher at 22,620.40 and touched a low of 22,419.90 in intraday trades.
Domestic markets ended at record levels on Monday as investors piled into banking and finance stocks amid a bullish trend overseas. The S&P BSE Sensex gained 609.83 points or 1.18 per cent to end at its new closing peak of 52,154.13, while the Nifty closed at 15,314.70 levels, up 151.40 points or 1 per cent.
Axis Bank led the Sensex gainers’ chart, climbing 5.88 per cent, followed by ICICI Bank, Bajaj Finance, SBI, IndusInd Bank, HDFC, Bajaj Finserv and HDFC Bank.
On the other hand, Dr Reddy’s, TCS, Tech Mahindra, HUL, Asian Paints and Titan were among the laggards, sliding up to 1.77 per cent.
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“Indian market opened on positive following upbeat peers in Asia as Nikkei 225 crossed 30,000 for first time in more than three decades with Japan’s economy growing 12.7 per cent on an annualised basis in October to December last year,” said Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi.
Meanwhile, the wholesale price-based inflation rose sharply to 2.03 per cent in January on costlier non-food manufactured items.
Indicating some signs of recovery, industrial production recorded a positive growth of 1 per cent in December while retail inflation cooled to a 16-month low of 4.06 per cent in January, as per data released post market hours on Friday.
Broader markets BSE midcap and smallcap followed the frontline indices’ trend and surged to end up to 1.40 per cent and 0.37 per cent respectively.
Elsewhere in Asia, bourses in China and Hong Kong were closed for the Lunar New Year holidays, while Tokyo and Seoul ended with strong gains.
Stock exchanges in Europe were also trading on a positive note in mid-session deals on optimism around the COVID-19 vaccination and the proposed $1.9 trillion stimulus in the US.
Meanwhile, the global oil benchmark Brent crude was trading 1.30 per cent higher at $63.24 per barrel.
The rupee gained 7 paise to settle at 72.68 against the US dollar.
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