Stock market ends lower, IT index spikes over 3%

The Indian stock market on Tuesday ended lower after a volatile trading session amid select consumption stocks and heavyweight counters.

At close, the Sensex fell 114.19 points or 0.15 percent to settle at 75,200.85, while the Nifty declined 31.95 points or 0.14 percent at 23,618.00.

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Among the sectors, Nifty IT index jumped 3.23% while Nifty Realty and Media jumped more than 1% each. Nifty Bank fell 0.24%, while the Private Bank index dropped 0.74%, and Nifty PSU Bank jumped 0.81%.

The top losers were Kotak Mahindra Bank, UltraTech Cement, Titan, Bharti Airtel, and Sun Pharma, while Infosys, HCL Tech, Tech Mahindra, and TCS were among the top gainers in the index.

The Indian Rupee opened on a negative note, and depreciated to hit a record low of 96.52 per dollar.

Angel One shares topped the gainers’ chart surging 8% while IDBI Bank shares ended 6% higher. Ola Electric gained 4.72% while in the metals pack, Steel Authority of India and Vedanta both rallied 3.3%.

Gold also traded in a volatile but range-bound manner between Rs159400 – Rs160000.

On the global space, Asian markets were trading lower. South Korea’s Kospi and Japan’s Nikkei 225 index in the red while Wall Street futures declined up to 0.6 percent, signalling a weak opening for US markets.

The US 10-year yield climbed to its highest level in a year with investors increasingly pricing in the possibility of a Federal Reserve rate hike this year.