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.

At close, Sensex was down by 479.26 points or 0.63% lower to close at 76,009.70 while Nifty ended 118 points or 0.49% lower at 23,913.70. About 2,057 shares advanced, 1,973 shares declined, and 165 shares were unchanged.

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The Indian rupee dropped 47 paise to close at 95.73 per dollar.

Taking cues from the Tata Sons board meeting, related stocks gained. In early trade, Tejas Networks and Tata Investment Corporation Ltd rose up to 7%.

Adani Group stocks ended with solid gains. Adani Total Gas rallied 8.3% followed by Adani Power, Adani Enterprises, Adani Energy Solutions, and Adani Green Energy, which all closed with gains between 3.7% and 5%.

Paytm shares settled 3% higher, and Ather Energy also posted a similar gain.

Among the sectors, most indices ended lower. Nifty Consumer Durables fell over 1%, Bank Nifty dropped 0.36%, while the Private Bank and PSU Bank indices lost 0.62% and 0.46%, respectively.

Nifty Financial Services declined 0.65%. Nifty Metal rose by 1.10%.

Nearly 32 stocks ended in the red including Apollo Hospitals Enterprise, Wipro, Bharti Airtel, Trent, TCS, and Titan Company. Adani Enterprises, Tata Motors Passenger Vehicles, Tech Mahindra, and Eternal ended at the top on the gaining side.