Market erases all gains, Nifty falls below 23,300
At close, the Sensex was down 422.59 points or 0.54% at 77,155.79, while the Nifty fell 168.60 points or 0.72% at 23,349.90.
Leaving four-day losing streak behind, the domestic indices ended 2 per cent higher on Tuesday, backed by massive buying in Reliance Industries and HDFC Bank amid heavy foreign fund inflows and a positive trend in global equities.
The S&P BSE Sensex soared and settled 748.31 points or 2.03 per cent higher at 37,687.91, with Reliance Industries being the top gainer, rising up by 7 per cent, and Tech Mahindra the biggest laggard, plunging down by nearly 3 per cent.
The NSE Nifty rallied 203.65 points or 1.87 per cent to 11,095.25.
Advertisement
Among other individual gainers, HDFC Bank jumped nearly 4 per cent after the RBI approved the appointment of Sashidhar Jagdishan as Managing Director and CEO of the bank for a period of three years.
Maruti, Axis Bank, HDFC, ICICI Bank and Bajaj Finance also finished with gains.
On the other hand, IndusInd Bank, HCL Tech, UltraTech Cement and Infosys were among the laggards.
The IT stocks were majorly affected by the US President Donald Trump’s decision to restrict federal agencies from contracting or subcontracting immigrant workers, giving a shock to Indian IT firms who work on the H-1B visa.
In the broader market, the S&P MidCap and SmallCap ended 1 per cent and 1.23 per cent higher respectively.
According to traders, stock-specific action in index-heavyweights drove the markets higher. Further, strong foreign fund inflows and positive cues from global markets cheered investors.
Exchange data showed that foreign institutional investors purchased equities worth Rs 7,818.49 crore on a net basis on Monday.
Bourses in Shanghai, Hong Kong, Tokyo and Seoul ended with significant gains.
Stock exchanges in Europe were also trading on a positive note in early deals.
Global oil benchmark Brent crude was trading 1.61 per cent lower at USD 43.44 per barrel.
In the forex market, the rupee settled 3 paise down at 75.04 against the US dollar.
Advertisement
