The Stock Market closed lower on Tuesday amid selling that prevailed across the board amid disappointing Q4 earnings.

Sensex fell 384 points, or 0.52%, closing at 73,511.85, while the Nifty 50 closed 140 points, or 0.62%, lower at 22,302.50.

Shares of ICICI Bank, HDFC Bank, Reliance Industries, and Power Grid ended as the top drags on the index.

The Nifty 50 closed 140 points, or 0.62 per cent, lower at 22,302.50 with 34 stocks in the red. It was the third consecutive session of losses for the Nifty 50 index.

However, Nifty 50 opened higher at 22,489.75 and reached an intraday high of 22,499.05.

Hindustan Unilever, Tech Mahindra, Nestle India, Britannia Industries, and ITC, were the top gainers, while Bajaj Auto, Power Grid Corp., ONGC, IndusInd Bank, and Hindalco were the top drags on Nifty 50.

On the gaining side were the shares of Hindustan Unilever (5.20%), Tech Mahindra (2.52%), and Nestle (2.06%) which stood valiantly amid the widespread selloff, closing as the top gainers in the Nifty 50 index.

In the sectoral gains, barring FMCG and IT, which were up 2.02% and 0.77%, all other sectoral indices closed the day in the red.

The Realty index closed down 3.49%, followed by the Metal and PSU Bank indices, which were down 2.39% and 2.31%, respectively.

Among the heavyweight indices, the Bank, Auto, Pharma, Healthcare, and Oil & Gas indices also closed down more than 1%.

Highlighting key performances, Lupin shares closed down more than 4% after the company posted its Q4 results, while Godrej Consumer Products shares gained more than 5.5% despite posting a loss of Rs 1,893 crore in Q4FY24.

Allsec Technologies shares closed nearly 14% higher after the company posted a 71% increase in Q4 net profit.

Multibagger power financing stocks like PFC and REC continued their downward trend for the second consecutive day. PFC declined by an additional 4% and the REC dropped by 2%.

Notably, investors sold off these stocks on Monday following the RBI’s proposal for stricter regulations governing lending to projects under implementation.

Shares of Godrej Properties Ltd surged to a new 52-week high of Rs 2,912.45 apiece, marking a 10% increase over the past three trading days, driven by impressive results for Q4FY24.

Its booking value reached Rs 9,500 crore for the quarter, leading to an annual total of Rs 22,500 crore, an 84% increase that surpassed the guidance of Rs 14,000 crore.

The BSE Midcap index plunged 1.90% while the Smallcap index ended with a loss of 1.65%.

The overall market capitalisation of BSE-listed firms dropped to nearly Rs 398.4 lakh crore from Rs 403.4 lakh crore in the previous session.

On the global front, the shares traded around one-month highs, boosted by renewed confidence in US interest rate cuts, while a weaker yen and a small dip in the Australian dollar kept the dollar steady.

In commodities, oil held steady, with Brent crude futures up 0.1% to $83.41 a barrel with a ceasefire deal in the Middle East proving elusive.

Further, the gold edged down 0.2% to $2.319 an ounce, still within sight of recent record highs.