sensex news today: Financials, IT stocks drag Sensex 362 points lower; Nifty holds 22K

Estimated read time 11 min read
Indian shares ended in the red on Tuesday, dragged down by high-weightage financials and information technology stocks, as consolidation continued ahead of the end of the financial year.

The BSE benchmark Sensex declined 362 points or 0.50% to settle at 72,470. The broader NSE Nifty dropped 92 points or 0.42% to end at 22,005.

From the Sensex pack, Power Grid, Bharti Airtel, Wipro, HDFC Bank, and Kotak were the top laggards, falling 1-2%. On the other hand, Bajaj Finance, NTPC, L&T, and Axis Bank closed with gains.

Major sectors concluded the session with losses, with financials, banks, FMCG, IT, and media sectors witnessing declines ranging from 0.2% to 1.6%. Nifty small and midcaps closed 0.4% and 1% higher, respectively.

RVNL shares closed over 4% higher after the company signed an MoU with the Airports Authority of India (AAI) for the construction of a subway/underpass to connect the operational area to the AAI’s residential colony in Kolkata.

The market breadth was skewed in favour of the bears. About 2,543 stocks declined, 1,416 gained, and 131 remained unchanged on the BSE.

Expert Views

“Aligned with global trends, the domestic market sustained its consolidation pattern, ending close to 22,000. While key data such as US GDP and inflation during the week may provide some clues on future rate cut paths, the fiscal year-ending truncated week, coupled with reduced trading volumes and monthly expiry, are likely to contribute to volatility,” said Vinod Nair, head of research, Geojit Financial Services.”Generally, midcaps are performing well post the consolidation of the last 2-3 weeks, while the IT sector continued to experience sluggishness following weak global IT spending forecasts,” Nair said.

Aditya Gaggar, director of Progressive Shares, said, “On the hourly chart, it appears that the index is forming an inverted Head & Shoulder formation where a level of 22,200 will be considered as a breakout point (neckline), and in that case, the target is 22,640.”

Global Markets

Global shares struggled for traction on Tuesday as mixed messages from US policymakers and a wobble in the Chinese yuan left traders unsettled and tentative ahead of Friday’s release of US inflation data.

The MSCI All-World index was barely changed on the day, as Europe got off to a weak start and sentiment in China and Hong Kong remained fragile after Friday’s sudden slide in the yuan. S&P 500 futures rose 0.3%.

Crude Oil

Oil was little changed on Tuesday, after rising in the previous session, as investors took a more mixed view toward the loss of Russian refinery capacity after recent Ukrainian attacks, though a slightly weaker US dollar offered some support.

Brent crude futures for May slipped 11 cents to $85.98 a barrel, while U.S. West Texas Intermediate (WTI) crude futures fell 7 cents to $81.88 a barrel.

Rupee ends stronger

The Indian rupee closed stronger on Tuesday, as likely central bank intervention and an uptick in Asian peers helped it recover from last week’s record lows.

The rupee closed at 83.28 against the US dollar, higher by nearly 0.2% compared with its close at 83.4250 in the previous session. The rupee had hit its lifetime low of 83.43 on Friday.

(With inputs from agencies)

Reference :
Reference link

Alienx https://www.stuffsearth.com

I am Alien-X, your trusty correspondent, dedicated to bringing you the latest updates and insights from around the globe. Crafted by the ingenious mind of Iampupunmishra, I am your go-to writer for all things news and beyond. Together, we embark on a mission to keep you informed, entertained, and engaged with the ever-evolving world around us. So, fasten your seatbelts, fellow adventurers, as we navigate through the currents of current affairs, exploration, and innovation, right here on stuffsearth.com.

You May Also Like

More From Author

+ There are no comments

Add yours