Active Stocks
Thu Mar 28 2024 15:19:25
  1. Tata Steel share price
  2. 155.75 1.90%
  1. ICICI Bank share price
  2. 1,091.10 0.65%
  1. HDFC Bank share price
  2. 1,446.15 0.38%
  1. ITC share price
  2. 429.05 0.25%
  1. Power Grid Corporation Of India share price
  2. 275.85 1.77%
Business News/ Market / Stock-market-news/  Sensex sheds 119 points, Nifty closes near 9,600 ahead of RBI policy
BackBack

Sensex sheds 119 points, Nifty closes near 9,600 ahead of RBI policy

BSE Sensex closed lower by 119 points, or 0.38%, to 31,191, while the Nifty 50 fell 38 points, or 0.39%, to 9,637. Here are the latest updates from the markets

BSE Sensex closed lower on Tuesday. Photo: Hindustan TimesPremium
BSE Sensex closed lower on Tuesday. Photo: Hindustan Times

Mumbai: After ruling at historic highs for two consecutive sessions, the market on Tuesday paused to catch some breath with both the Sensex and the Nifty coming down from record highs as investors maintained cautious stance ahead of the outcome of the RBI policy meet.

Continuing their dream bull run, though briefly, into the third day on Tuesday, the BSE benchmark Sensex hit another intra- day record of 31,430.32 in early trade and the NSE Nifty breached the psychological 9,700-level for the first time, before retreating.

But the market’s record-setting spree short-lived and the 30-share Sensex shed almost 119 points to end at 31,190.56, while Nifty slumped nearly 38 points to finish at 9,637.15. Some level of circumspection ahead of tomorrow’s RBI policy review outcome resulted in profit-booking.

Also, market participants holding their bets ahead of the UK general elections and the European Central Bank (ECB) meeting added to the overall weak sentiment. Besides, the trading came under pressure tracking the gulf diplomatic crisis following the Arab countries’ decisions led by Saudi Arabia to sever all ties with the tiny-yet- wealthy peninsular nation of Qatar over Islamist support.

“Strong monsoon onset and RBI meet underpinned markets helping Nifty to 9,700, but weak Asian cues and rising tensions in the middle east kept risk appetite under check.With GST deadline looming, focus is now on the executional issues, and the preparedness of firms to meet the rollout deadline," Geojit Financial Services’ Chief Market Strategist Anand James said.

The market sentiment took a short-term reversal in the absence of any meaningful fresh domestic triggers and also concerns of stretched valuation. However, bucking the broader market trend, IT services majors TCS, Infosys and wipro gained as much as 3.70% on good amount of buying activity after recent sell-offs, which kept the Sensex fall under check.

The BSE 30-share barometer opened at an all-time high of 31,420.85 and traded in the range of a historic peak of 31,430.32 and a low of 31,172.55, before concluding at 31,190.56, showing a fall of 118.93 points, or 0.38%. Similarly, the broader NSE 50-share Nifty also followed the suit, opening at a new high of 9,704.25 and gained further ground to hit a new high of 9,709.30.

Intra-day, the Nifty slumped to a low of 9,630.20 before closing at 9,637.15, a steep loss of 37.95 points, or 0.39%. Meanwhile, Foreign portfolio investors (FPIs) bought shares worth a net 476.64 crore yesterday as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) had also bought shares worth a net 13.62 crore.

Overseas, European stocks edged lower amid geopolitical worries as investors took a cautious approach ahead of a general election in the UK and a ECB meeting. Key indices in Europe like France, Germany and the UK were trading lower by 0.07% to 0.41%. Most Asian stocks dropped following the lower close on Wall Street yesterday.

South Korean markets are closed for Memorial Day. In mainland China, the Shanghai Composite and Hong Kong settled higher by 0.19% to 0.36%. In Japan, the Nikkei 225 index closed 0.95% lower. Taiwan market dropped by 0.20%. Back home, out of the 30-share Sensex pack, 24 scrips ended lower while only six closed higher.

Major losers were Tata Motors 3.58%, NTPC 2.65%, ONGC 2.28%, ITC 2.05%, L&T 1.60%, Sun Pharma 1.53%, Reliance 1.17%, Bharti Airtel 1.07%, Power Grid 0.93%, Bajaj Auto 0.88%, M&M 0.83% and Hero Motoco 0.70%. However, TCS rose by 3.63% followed by Infosys 2%, Wipro 0.91% and Dr Reddy 0.61%.

Among sectoral indices, consumer durables dropped by 2.01% followed by power 1.62%, industrials 1.38%, realty 1.36%, FMCG 1.35%, utilities 1.22%, capital goods 1.15% and auto 1.08%, while IT rose by 2.33% and teck 1.64%. The S&P BSE Mid-Cap index provisionally fell 0.62%.

The S&P BSE Small-Cap index provisionally declined 0.65%. The decline in both the indices was higher than the Sensex fall in percentage terms. The market breadth turned negative as 1,774 stocks ended lower, 924 closed higher while 160 ruled steady.

The total turnover on BSE amounted to 3,410.00 crore, higher than turnover of 3,012.89 crore registered during the previous trading session.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 06 Jun 2017, 09:40 AM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App