Equity benchmarks nursed losses on Tuesday as investors booked profits after a seven-session rally amid weak Asian market cues and foreign fund outflows.
The 30-share BSE Sensex failed to hold on the early gains and declined 287.70 points, or 0.48 per cent, to finish at 59543.96. During the day, it hit a low of 59489.02 and a high of 60081.24.
On similar lines, the broader NSE Nifty fell 74.40 points, or 0.42 per cent, to end at 17656.35.
Nestle India was the top loser in the Sensex pack, slipping 2.81 per cent, followed by Hindustan Unilever, Bajaj Finserv, Kotak Mahindra Bank, HDFC, RIL, Bajaj Finance and Asian Paints.
Market heavyweight Reliance Industries was the biggest drag on the benchmark following lacklustre Q2 results. In contrast, Tech Mahindra, Maruti, Larsen & Toubro, Dr Reddy’s, SBI, NTPC and M&M were among the winners, climbing as much as 3.29 per cent.
“The domestic market pared its early gains with FMCG and private banks pressuring the benchmark. Market attention has shifted to central bank policy announcements since the European Central Bank is expected to hike interest rates at its upcoming policy meeting.
“The impending US GDP data will give additional clarity to the expectation that the Fed will temper its aggression with regard to rate hikes,” said Vinod Nair, head of research, at Geojit Financial Services.
Elsewhere in Asia, markets in Seoul, Shanghai and Hong Kong ended lower, while Tokyo finished higher.
Stock exchanges in Europe were trading on a mixed note in mid-session deals. Wall Street had ended higher on Monday.
Brent crude was trading 1.27 per cent lower at $92.08 per barrel.
Foreign institutional investors (FIIs) offloaded shares worth Rs 247.01 crore on Tuesday.
The BSE and NSE will be closed on Wednesday on the occasion of ‘Diwali Balipratipada’.
Nykaa falls
Shares of FSN E-Commerce Ventures, the parent of cosmetics-to-fashion retailer Nykaa, fell as much 2 per cent on Tuesday, to drop below their initial public offering issue price of Rs 1,125.
Rupee rises
The rupee appreciated by 7 paise to close at 82.81 against the US dollar on Tuesday as easing crude oil prices buoyed investor sentiments.
At the interbank foreign exchange market, the local currency opened at 82.71 and witnessed a high of 82.62 and a low of 82.81.
