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.
The BSE Sensex closed 240 points lower on Tuesday, ahead of the release of retail inflation and industrial production data.
After trading on a flat-to-negative note for the most part of the session, the key indices slumped in the last hour of trade with heavy selling pressure on telecom, IT and finance stocks.
Markets anticipate a rise in the Consumer Price Index (CPI), the retail inflation data in the month of January, analysts said. The government is scheduled to release the January data later in the day.
Advertisement
The Sensex closed at 36,153.62, lower by 241.41 points or 0.66 per cent than the previous close of 36,395.03 points.
It had opened at 36,405.72 points and touched an intra-day high of 36,465.40 points and a low of 36,113.91 points.
The Nifty50 on the National Stock Exchange settled 57.40 points or 0.53 per cent lower at 10,831.40 points.
In December, India’s retail inflation in December eased to 2.19 per cent from 2.33 per cent in November due to lower fuel prices.
Geojit Financial Services’ Head of Research Vinod Nair said, “Lack of positive triggers is impacting the sentiment of domestic equity market. India is underperforming in spite of improvement in the global market and appreciation in INR.”
“Inflows have reduced this month due to muted Q3 results and outcome of general election. Expectation is that market momentum will reverse as economy stabilizes post-election and borrowing cost reduce,” he added.
Advertisement
