Market extends losing streak for third consecutive session
At close, Sensex was down 502.25 points or 0.62% at 80,182.20, and the Nifty was down 137.15 points or 0.56% at 24,198.85.
Snapping a four-day losing streak, the benchmark indices Sensex and Nifty closed marginally higher on Tuesday after a choppy day of trade.
The Sensex closed 85.55 points, or 0.22 per cent, higher at 39,046.34 while the Nifty closed 19.35 points, or 0.17 per cent, in the green.
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“Markets ended positive, supported by ease in oil prices due to concern over global growth, trade war and uncertainties in upcoming OPEC meeting…,” said Vinod Nair, Head of Research, Geojit Financial Services.
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“Market will be careful during the ongoing (US) Fed meeting which is expected to provide dovish.”
Brent crude was trading $60.72 per barrel around the time the markets closed.
Jet Airways saw its scrip plunging over 40 per cent after landing in the bankruptcy court. Lead lender, the SBI has approached the National Company Law Tribunal to file IBC proceedings against the airline for the speedy recovery of their dues.
IndiGo operator InterGlobe Aviation’s shares gained 1.6 per cent after the company placed orders worth $20 billion for LEAP-1A engines.
The yield on 10-year bonds fell 10 basis to 6.81 per cent Tuesday after touching 6.8 per cent, the lowest for the benchmark notes since October 2017.
Deepak Jasani of HDFC Securities said that markets have punished over-leveraged companies severely over the past few days.
“Having fallen sharply, this process seems to be coming to an end over the next few days. Fund managers keep latching on to well-run defensive companies with clean management and little debt even though their valuations may not be cheap or even fair,” he added.
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