Market Ends Lower as Profit Booking Halts Six-Day Winning Streak
Indian stock indices closed lower on Tuesday, snapping the sixth session’s winning streak amid profit booking. Sensex closed at 84,673.02, down 277.93 points (0.33%). The 30-share index started the session flat at 85,042.37 against the previous close of 84,950.95. Later, the index slipped into negative territory as selling pressure gripped market sentiment.
Nifty closed at 25,910.05, down 103.40 points (0.40%).
“The domestic equity market edged lower as investors booked profits after the recent rebound, mirroring weak global sentiment. Expectations of a U.S. Fed rate cut in December have diminished, weighing on sentiment, with IT, metal, and realty stocks declining amid a stronger dollar, while private banks offered some support.”
Investors now await this week’s U.S. jobs data, which will be key in shaping the Fed’s policy outlook. Going forward, progress on the Indo-U.S. trade deal and a strengthening domestic earnings outlook could help revive confidence and support market momentum to convincingly cross the Nifty50 threshold of 26,000, he added.
Tech Mahindra, Eternal, Infosys, Bajaj FinServ, Bajaj Finance, L&T, Trent, Hindustan Unilever, HCL Tech, Mahindra and Mahindra, TCS, BEL, HDFC Bank, ICICI Bank, and Sun Pharma were the top losers from the Sensex basket.
Bharti Airtel, Axis Bank, Asian Paints, and PowerGrid closed higher.
The majority of sectoral indices fell amid broad-based selling:
Nifty Fin Services fell 99 pts (0.36%)
Nifty Bank decreased 63 pts (0.11%)
Nifty Auto dipped 104 pts (0.38%)
Nifty FMCG fell 313 pts (0.56%)
Nifty IT dropped 400 pts (1.10%)
Broader indices also experienced pressure:
Nifty Midcap fell 358 pts (0.59%)
Nifty Smallcap 100 dipped 192 pts (1.05%)
Nifty 100 closed 120 pts (0.45%) lower
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