The stock market ended lower on Tuesday in the volatile session with Nifty falling below 22,000, intraday, for the first time since June 5, 2024.
With today’s fall, the Nifty50 closed in the negative zone for the tenth session in a row, while Sensex ended lower for third day.
At close, the Sensex was down 96.01 points or 0.13% at 72,989.93, and the Nifty was down 36.65 points or 0.17% at 22,082.65.
Notably, Sensex and Nifty 50 both have now retreated 18% and 19% respectively from their September 2024 record highs.
Nifty Midcap 100 index closed the session with a marginal gain of 0.05%, finishing at 48,000, while the Nifty Smallcap 100 index recorded a stronger gain of 0.69%, settling at 14,762.
The overall market capitalisation of BSE-listed firms rose to ₹385 lakh crore from ₹384 lakh crore in the previous session.
Among the sectors, Nifty Media emerged as the top performer, bouncing back strongly from the previous day’s selloff and gaining 2.39%.
Nifty Oil & Gas, Nifty Financial Services, Nifty Metal, and Nifty Bank, ended with gains between 0.34% and 0.62%.
Nifty Pharma index was trading in the red, weighed down by concerns over Trump’s tariffs and their impact on export-oriented businesses.
PSU banking stocks also recovered sharply in today’s trade, with the Nifty PSU Bank index settling with a 1.55% gain.
State Bank of India (SBI) gained 3% after global brokerage Citi issued a double-upgrade for the stock to ‘Buy’ from ‘Sell’.
While on the losing side, auto stocks stood out as the top laggard, with the Nifty Auto index tumbling by 1.38%.
Nifty IT remained under selling pressure due to concerns amid concerns of slowing U.S. economy, with the index concluding the session with a 0.93% decline.
Nifty FMCG, Nifty Pharma, and Nifty Realty also ended lower, with losses ranging between 0.11% and 0.61%.
On Nifty50, shares of SBI (3.03%), BPCL (2.97%), BEL (2.80%), Shriram Finance (2.03%) and Adani Enterprises (1.44%) ended as the top gainers. While on the losing side were Bajaj Auto (4.95%), Hero MotoCorp (3.34%), Bajaj Finserv (2.65%), HCL Tech (2.28%) and Eicher Motors (2.01%).
In terms of volume, most active stocks were Vodafone Idea, YES Bank, Suzlon, Jio Financial Services, GTL Infrastructure, and IRFC.
Global markets remained weak as investors remained worried over global trade war after Trump reiterated to levy 25% tariff on imports from Mexico and Canada.