Indian market ended lower on Tuesday, snapping its seven-day winning streak amid weak Asian market cues and mixed trends from European stocks. Sensex declined 287.70 points to finish at 59,543.96. During the day, it hit a low of 59,489.02 and a high of 60,081.24. On similar lines, Nifty fell 74.40 points to close at 17,656.35.
In the Sensex pack, Nestle India (2.83 per cent) , Hindustan Unilever (2.71 per cent), Bajaj Finserv (2.55 per cent), Kotak Mahindra Bank (2.52 per cent) , HDFC (1.59 per cent) and Reliance Industries (1.53 per cent) were the top losers.
Tech Mahindra (3.29 per cent), Maruti (2.72 per cent) , Larsen & Toubro (1.98 per cent) , Dr Reddy’s (1.52 per cent), State Bank of India (1.37 per cent) and NTPC (1.35 percent) were among the top gainers.
Total 19 shares closed lower on the 30 stock index.
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Deepak Jasani, Head of Retail Research, HDFC Securities said,”Nifty fell on the 8th day of the upmove filling the upgap made on the previous session. As expected, Nifty is undergoing a small pullback after the recent rise. 17778-17811 could be the resistance for the Nifty in the near term while 17568-17584 band could provide support.”
Capital goods and auto shares were the top sectoral gainers with their BSE indices climbing 400 points and 359 points, respectively.
Market breadth was negative with 1,437 stocks ending higher against 1986 stocks falling on BSE. 106 shares were unchanged. Market cap of BSE-listed firms stood at Rs 275.67 lakh crore.
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Vinod Nair, Head of Research at Geojit Financial Services said, “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 in regard to rate hikes.”
Foreign institutional investors turned net sellers on October 24 as they sold shares worth Rs 153.80 crore.
Previous session
In a special one-hour Muhurat trading session on Monday to mark the beginning of Hindu Samvat year 2079, Sensex rose 524.51 points or 0.88 per cent to end at 59,831.66. The Nifty advanced 154.45 points, or 0.88 per cent, to finish at 17,730.75.
Global markets
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. International oil benchmark Brent crude was trading 1.27 per cent lower at $92.08 per barrel.
