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.
Equity benchmarks ended over 1 per cent higher on Tuesday, driven by across-the-board buying. The S&P BSE Sensex rallied 477.54 points or 1.26 per cent to end 38,528.32 levels, while the NSE Nifty surged 138.25 points or 1.23 per cent to 11,385.35.
Index majors Reliance Industries, HDFC Bank, ICICI Bank and Infosys contributed the most to Sensex gains. However, UltraTech Cement was the top gainer in the Sensex pack, rising over 3 per cent, followed by Kotak Bank, Asian Paints and Tata Steel.
On the other hand, Tech Mahindra, HCL Tech, Bajaj Auto and Power Grid were among the laggards.
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Similar to the benchmarks, broader markets also ended with MidCap and SmallCap indices up by 1.13 per cent and 1.3 per cent respectively.
According to traders, buying in index heavyweights led benchmarks higher amid sustained foreign fund inflows.
Foreign institutional investors bought equities worth Rs 332.90 crore on a net basis on Monday, provisonal exchange data showed.
Largely positive cues from global markets too supported domestic indices, they said.
Bourses in Shanghai and Hong Kong ended on a positive note, while Tokyo and Seoul were in the red.
Stock exchanges in Europe were trading with significant gains in early deals.
Global oil benchmark Brent crude was trading 0.37 per cent lower at $45.20 per barrel.
In the forex market, the rupee settled 12 paise higher at 74.76 against the US dollar.
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