The Indian stock market saw a day of profit booking on Tuesday, a day after a record rally, with the Nifty 50 index slipping below 24,600. IT, FMCG, auto and banking names weighed while smallcap index extended gains.

At close, the Sensex was down 1,281.68 points or 1.55% at 81,148.22, and the Nifty was down 346.35 points or 1.39% at 24,578.35. The BSE Midcap index ended flat, while Smallcap index added one percent.

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On Nifty 50, as many as 35 stocks ended with losses, out of which Infosys was down 3.63%, Eternal down by 3.34% and Power Grid was down by 3.19% ending as top losers. While on the gaining side were Bharat Electronics (4.06%), Jio Financial Services (1.83%) and Hero MotoCorp (1.77%) as the top gainers.

Among the sectors, Nifty IT index dropped 2.42%, while Nifty FMCG, auto and private bank indices dropped 1% each. Nifty Media was up 1.66%, and pharma up by 1.22%, closing with healthy gains.

Further, the Nifty Bank and Financial Services ended with significant losses of 0.80% and 1.10%, respectively, and the PSU Bank was up 1.56%.

IIFL Finance’s stock saw a 5% increase after HSBC upgraded its rating to ‘Buy,’ with the firm forecasting a potential upside of up to 42%.

Over 70 stocks on the BSE tested 52-week high, including Godfrey Phillips, Redington, City Union Bank, Dalmia Bharat, APL Apollo Tubes, Aster DM Healthcare, Bharti Hexacom among others.

Over 70 stocks on the BSE hit 52-week highs on Tuesday, including Godfrey Phillips, Redington, City Union Bank, Dalmia Bharat, APL Apollo Tubes, Aster DM Healthcare, and Bharti Hexacom, among others.

As many as 199 stocks, including Zen Technologies, Sagility India, KPI Green Energy, Godfrey Phillips India, Senco Gold and Reliance Communications, hit their upper circuits during the session on the NSE.

Swiggy shares fall 6% as pre-IPO mandatory lock-in period comes to an end. Additionally, Swiggy reported a consolidated loss of Rs 1,081 crore for the fourth quarter ended March.

Tata Steel dropped close to 2 percent today after the company recorded a drop in quarterly revenue on YoY basis for Q4.

Shares of BDL, BEL, HAL, and other defense companies surged by as much as 10% following Prime Minister Modi’s call for ‘Made in India’ defense equipment.

While some amount of uncertainty on the India-Pakistan front persists, a trade deal between the US and China is also seen as negative for the Indian stock market.