Market snaps 2-day gains, selling in banking, metal and IT
At close, the Sensex was down 426.85 points or 0.53% at 79,942.18, and the Nifty was down 126 points or 0.51% at 24,340.85.
Amid broadly negative trend, the key Indian equity indices traded in the red during the afternoon session of trade on Tuesday. The Nifty, however, managed to hold on to the 10,200-mark as Sensex slipped below 34,000.
Barring the metal, oil and gas and energy sectors, all the other counters were in the green on BSE, led by IT, capital goods and TECK (technology, entertainment and media)
According to analysts, the markets on Tuesday showed signs of settling after it was over-sold for the past few weeks.
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“Broadly the trend is still negative. Today the Asian markets are positive but the US stocks are down,” said Astha Jain, Senior Analyst, Hem Securities.
At 1.30 p.m., the Sensex traded 99.84 points down at 33,967.56. It opened at 34,068.92, from its previous close of 34,067.40.
The NSE Nifty50 traded at 10,233.75 during the afternoon trade session, down just 17.10 points and 0.17 per cent.
“The markets are showing signs of settling as they were over-sold for the past past few weeks. Monday’s gains came as a tactical reversal as we were expecting the Nifty50’s 10,000-mark as support,” said Rusmik Oza, Head of Fundamental Research Kotak Securities.
The domestic indices gained over 2 per cent on Monday after the RBI announced liquidity infusion in the system via bond purchase.
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