Indian equity markets closed lower on Tuesday due to record profits. Sensex lost 100 points.
Uncertain Environment: The current trend in foreign market conditions ensures an uncertain environment. Also, the tightening of fiscal policy decisions and a kind of backward-looking global crisis continue to erode investor confidence. This is echoed in the stock market from time to time.
BANKS, METALS: After a brisk start to the morning, the trade later settled at 631.16 points (1.18%). The Sensex touched a high of 53,865.93 on the back of gains seen in Asian markets, with banking, metals, energy and pharma stocks picking up demand.
IT: However, at the end of the upswing, the market turned negative due to increased profit bookings in IT, FMCG, banking etc. sectors.
The BSE IT sector index fell 0.59 percent. Subsequently, tech fell 0.57 percent, banking 0.37 percent, auto 0.32 percent, realty 0.29 percent and telecom index 0.28 percent.
Pharmaceuticals: Meanwhile, Power, Pharmaceuticals, Metals, Oil-Gas indices closed the session with gains.
Also, the midcap index declined by 0.35 percent and the smallcap index by 0.20 percent.
ITC: Out of the top 30 companies that make up the Sensex index, 18 stocks fell and 12 gained.
Notably, ITC fell by 1.73 percent and Wipro by 1.58 percent. Also, shares of Mahindra & Mahindra (1.2%), L&T (1.12%), Maruti Suzuki (1.1%), IndusInd Bank (0.98%) also traded significantly lower.
Infosys: Also, Infosys was down 0.77 percent and TCS was down 0.57 percent. Axis Bank, Asian Paints and HDFC twin stocks also traded lower.
Sunpharma: Whereas, Reliance Industries (0.8%) and HUL (0.92%) were steady with gains. Also, shares of Powergrid, Bajaj Finsav, Sunpharma, Tata Steel in the Sensex list were also welcomed by investors.
The Sensex fell 100.42 points (0.19%) to settle at 53,134.35 in late trade on the BSE on Tuesday.
The Nifty lost 24.50 points (0.15%) to settle at 15,810.85 on the NSE.
Negative Level: Gains made with morning rise were lost in the afternoon and went into negative level. HDFC Securities Officer Deepak Jasani attributed the decline to the weak response seen in European markets.
Asian markets: Tokyo, Seoul and Hong Kong markets saw gains. At the same time, there was a decline in Shanghai.