Closing Bell: Sensex falls 497 points, Nifty down 147 points
- Sensex slipped by 497.73 points or 0.89% to close at 55,268.49
- Nifty fell by 147.15 points or 0.88% to 16,483.85
- The rupee pared its initial gains and settled flat at 79.78
Indian equity benchmarks the BSE Sensex and the Nifty settled nearly 1% down on Tuesday amid fresh foreign outflows and mixed global trends.
The BSE Sensex slipped by 497.73 points or 0.89% to close at 55,268.49, extending its losses for second straight day. During the day, it plunged 562.79 points or 1% to 55,203.43.
The broader NSE Nifty fell by 147.15 points or 0.88% to 16,483.85.
The broader indexes ended in red with the BSE Midcap index down by 1.21%, while the Small cap index was down by 1.20%. The top losing sectoral indices on the BSE were IT down by 2.84%, TECK down by 2.23%, FMCG down by 1.32%, Capital Goods down by 1.28% and Consumer Durables was down by 1.22%, while there were no gainers on the BSE sectoral front.
Major laggards from the Sensex pack were Infosys down by 3.40%, Axis Bank down by 3.00%, Hindustan Unilever down by 2.84%, Dr Reddys Labs down by 2.78%, Wipro down by 2.28%, Larsen down by 1.76%, HCL Tech down by 1.74%, Tech Mahindra down by 1.68%, TCS down by 1.62% and Titan Company down by 1.55%.
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Among the gainers were Bajaj Finserv up by 5.58%, Bharti Airtel up by 0.83%, Power Grid Corp up by 0.53%, Bajaj Finance up by 0.46% and ITC up by 0.43%.
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The US Federal Reserve’s meeting will start today, which is expected to maintain its aggressive rate hike of 0.75 bps (basis points), and recession fear, especially in western markets, weighed on market sentiment, said Vinod Nair, Head of Research at Geojit Financial Services.
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"Even though the domestic market is showcasing strength, the spillover effect from the western market is inevitable," Nair added.
The rupee pared its initial gains and finally settled flat at 79.78 amid muted domestic equities, firming crude oil prices and concerns over the hawkish US Fed.
European markets were trading mostly lower during afternoon session. The US stock markets had ended on a mixed note on Monday.
Brent crude, the international oil benchmark surged 1.38% to 106.6 per barrel.
According to stock exchange data, foreign institutional investors offloaded shares worth Rs 844.78 crore on Monday.