Stock Market ends in the red; Sensex loses 500 points
The Indian stock market ended in the red on Tuesday, with the Nifty falling below the 23,900-mark and the Sensex dropping nearly 500 points.
The stock market remained under pressure on Tuesday amid selling seen across the sectors barring metal and banks.
At close, the Sensex was down 150.68 points or 0.18% at 84,628.16, and the Nifty 50 was down 29.85 points or 0.11% at 25,936.20. BSE Midcap and smallcap indices ended almost flat.
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Sensex lost over 550 points in intraday trade to hit the day’s low of 84,219.39, and finally ended the session 151 points or 0.18% down at 84,628.
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Nifty 50 tanked 150 points to its lowest intraday level of 25,810.05, but closed the day at 25,936 falling 30 points or 0.11%.
The broader markets outperformed, as the BSE Midcap index gained 0.12% and the BSE Smallcap pack added 0.06%.
Among the sectors, metals and PSU banks emerged as top sectoral winners, rising over 1.2% each.
On the other hand, Nifty IT lost the most, declining 0.74%. Nifty Auto and Nifty FMCG were also among the laggards. Nifty Bank eked out a gain of 0.17%.
Twenty-one stocks on Nifty 50 closed in the green while on the flip side, 29 stocks closed lower.
Those in green were JSW Steel and Tata Steel, rising the most. The metal stocks gained 2.82% each. SBI Life (up 1.62%), L&T (up 1.47%) and HDFC Life (up 1.32%) were among the other top gainers.
Bajaj Finserv, with a 1.48% decline, was the worst performer. Trent, Coal India, Tech Mahindra and ONGC were other Nifty 50 stocks that ended deep in the red, losing over 1% each.
A total of 1,910 stocks advanced while 2,246 counters declined in trade favouring sellers, and 176 stocks remained unchanged.
Nearly 160 stocks touched their 52-week high on the BSE. These included City Union Bank, Tata Steel, JSW Steel, Indian Bank, SBI Life Insurance, Laurus Labs, HBL Engineering, Hindalco Industries, PNB, Federal Bank, Bank of Baroda, Bank of India, SBI, Bharti Airtel, Canara Bank, Paytm, Grasim Industries, Cummins India, among others.
On Nifty Bank, Indian Bank shares gained nearly 1.5% to trade at Rs 838.05 apiece. Union Bank of India shares gained over 1% while Bank of Maharashtra and Punjab National Bank (PNB) shares gained nearly 1% each.
State Bank of India (SBI), Bank of India, Bank of Baroda, Punjab & Sind Bank (PSB), Canara Bank and UCO Bank shares were trading in the green with marginal gains. Central Bank of India and Indian Overseas Bank (IOB) shares, however, bucked the trend to trade in the red with marginal losses.
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