Nifty, Sensex Close Lower As IT, Realty Stocks, Reliance Drag: Market Wrap
The NSE Nifty 50 closed 65 points or 0.29% lower at 22,032.30, while the S&P BSE Sensex ended 199 points or 0.27% down at 73,128.77.
Benchmark stock indices snapped a five-session winning streak to close lower on Tuesday, dragged by losses in Reliance Industries Ltd. and the information & technology and realty sectors.
The NSE Nifty 50 closed 65 points or 0.29% lower at 22,032.30, while the S&P BSE Sensex ended 199 points or 0.27% down at 73,128.77.
Intraday, the Nifty touched a new record of 22,124.15 and the Sensex hit a fresh high of 73,427.59.
"The broad market exhibited profit booking following a good performance by the IT sector amid weak global cues," Vinod Nair, head of research at Geojit Financial Services Ltd., said. "Investors are contemplating whether the current euphoria in markets has gone farfetched, especially with elevated domestic valuations in mid and small caps."
"The FII flows are mixed due to a lack of fresh triggers. Oil prices stayed firm amid undeterred geopolitical tensions. The latest IIP growth signals near-term softness," Nair said.
RIL, Infosys Ltd., Tata Consultancy Services Ltd., HCL Technologies Ltd. and NTPC Ltd. weighed on the index.
HDFC Bank Ltd., ITC Ltd., Larsen & Toubro Ltd., Titan Co. and Tata Steel Ltd. contributed the most to the Nifty 50.
Seven out of the 12 sectors on the NSE declined. The Nifty Realty was the worst performer, followed by the Nifty IT. The Nifty Metal was the top performer.
The broader markets also fell, with the BSE Midcap closing 0.31% lower and the Smallcap ending with 0.43% losses on Tuesday.
Thirteen out of the 20 sectors compiled by BSE Ltd. declined, with realty and utilities falling the most.
The market breadth was skewed in favour of the sellers as 2,506 stocks fell, 1,334 rose, and 89 remained unchanged on the BSE.
