Stock market extended losses for the second straight session on Tuesday amid selling across the sectors.
At close, the Sensex was down 1,064.12 points or 1.30 per cent at 80,684.45, and the Nifty was down 332.25 points or 1.35 per cent at 24,336.
Throughout the day, the Nifty reached a peak of 24,624.1 and a low of 24,303.45 while the Sensex experienced fluctuations within the range of 81,613.64 and 80,612.2.
On Nifty, the top gainer was Cipla experiencing a slight increase of 0.17 per cent. On the losing side were Shriram Finance (5.12 per cent), Grasim Industries (3.18 per cent), Bharti Airtel (2.84 per cent), Hero Motocorp (2.73 per cent), and Indusind Bank (2.37 per cent). The selling in the market was led by auto, financials, metal, oil & gas. All the sectoral indices ended in the red with auto, bank, energy, metal, oil & gas down 1 per cent each.
On BSE, over 270 stocks touched their 52-week high on the BSE, including, Oberoi Realty, Max Healthcare, Kaynes Technologies, Coforge, Indian Hotels, 360 ONE WAM, Paytm, Persistent Systems, Caplin Labs, Dixon Technologies, Lloyds Metals, Page Industries, Info Edge, Coromandel International, among others. BSE Midcap and smallcap indices were down 0.5 per cent each.
Among the key individual performers, the shares of Piramal Pharma surged after JM Financial initiated a Buy with target price of Rs 340 per share, which is 36 per cent higher than the last close.
HDFC Bank shares slipped over 1 per cent after SEBI issued an administrative warning letter alleging non-compliance.Shares of Hindustan Construction Company (HCC) fell 4 per cent after the company announced the opening of its QIP issue.
Further, the share prices of gas companies like IGL, MGL and GAIL took a tumble on the bourses. The development comes after reports suggested the inclusion of gas in GST would not be on the agenda of the upcoming GST Council meet.
The US Federal Reserve also begins its deliberations for the latest monetary policy decisions on Tuesday. It will announce its new benchmark interest rate decision on Wednesday.The US federal fund rate currently sits at 4.50 per cent- 4.75 per cent after the rate-setting panel slashed its benchmark rate by 25 basis points (bps) during the seventh US Fed policy for 2024.