The benchmark equity indices on the BSE and National Stock Exchange (NSE) ended nearly 1 per cent lower on Tuesday following a selloff in the last hour of trade.
The S&P BSE Sensex slipped 261.84 points (0.83 per cent) to end at 31,453.51, while the Nifty 50 closed at 9,205.60, down 87.90 points (0.95 per cent). Both the indices had opened nearly 1.5 per cent higher earlier in the day and traded in the positive territory for most part of the session.
On the Sensex, State Bank of India (SBI), Bajaj Finance, Asian Paints, Axis Bank, Kotak Mahindra Bank and ICICI Bank were the top laggards of the day. On the other hand, Mahindra & Mahindra (M&M), Power Grid, Oil and Natural Gas Corporation (ONGC), Reliance Industries (RIL), NTPC and HCL Technologies were the top gainers on Tuesday’s trade. (see heatmap below)
All the sectoral indices on the NSE ended in a sea of red on Tuesday. The key Nifty Bank index fell 2.39 per cent dragged by SBI, Bank of Baroda (BoB), Axis Bank and Punjab National Bank (PNB). The Nifty Financial Services index ended 2.03 per cent weighed by Edelweiss Financial Services, SBI and ICICI Prudential Life Insurance Company. The Nifty FMCG index too slipped 1.67 per cent driven down by United Spirits and United Breweries.
Here’s how the sectoral indices performed:
In the broader markets, the S&P BSE MidCap index closed at 11,391.21, down 111.38 points (0.97 per cent), while the S&P BSE SmallCap index ended at 10,649.61, down 103.97 points (0.97 per cent).
“Markets traded volatile with benchmark indices closing negative. Losses were led by financials. Markets are trading uncertain regarding the impact of lockdown measures and its effect on earnings. Investors are advised to trade cautiously tracking the global markets and stock-specific earnings commentary,” Vinod Nair, Head of Research at Geojit Financial Services said in a statement post market hours.
The Indian rupee surged 10 paise to close at 75.63 against the US dollar on Tuesday, amid higher domestic equity markets and gains in some Asian currencies, news agency PTI reported.
At the interbank foreign exchange, the rupee opened at 75.62, and finally settled at 75.63, registering a rise of 10 paise over its previous close. During the day the domestic unit saw an intra-day high of 75.50 and a low of 75.72 against the US dollar. On Monday, the rupee had settled at 75.73 against the US dollar.
Stock markets snapped a three-day losing streak on Tuesday and oil was on its longest run of gains in nine months as moves to ease major economies out of their coronavirus lockdowns lifted sentiment.
It was a turnaround from Monday, when bickering between Washington and Beijing triggered fresh selling, but traders have become used to sudden changes of direction in recent months and there were more to handle in Europe, too.
The pan-European STOXX 600 rose nearly 2 per cent early as a more than 6 per cent jump in oil prices boosted oil stocks, only to wilt on news that Germany’s top court had ruled the European Central Bank’s quantitative-easing programme had “partially violated” the country’s constitution.
The euro and the region’s government debt fell, too, although the court also said the ECB’s measures didn’t amount to monetary financing — where a central bank bankrolls the government — something banned in Germany.
The ruling also didn’t apply to the bank’s new coronavirus PEPP support programme.
– with global market input from Reuters
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