The benchmark equity indices closed lower for the second consecutive session on Tuesday, weighed down by HDFC Bank Ltd. and ICICI Bank Ltd.
The NSE Nifty 50 ended 353.65 points or 1.5% down at 23,165.70, the lowest level since March 20. The BSE Sensex ended 1,390.41 points or 1.80% lower at 76,024.51, the lowest since March 21.
In the second half of the session, the Nifty declined 1.63% to a day's low of 23,136.40. The Sensex fell 1.94% to an intraday low of 75,912.18. The large-cap indices also posted the worst intraday fall since Feb 28.
The Nifty faced resistance at 23,550, triggering a sharp decline that pushed it to an intraday low, according to Sundar Kewat, technical and derivatives analyst at Ashika Institutional Equity.
HDFC Bank Ltd., ICICI Bank Ltd., Infosys Ltd., Reliance Industries Ltd. and Bajaj Finance Ltd. dragged the Nifty the most.
Trent Ltd., IndusInd Bank Ltd., Bajaj Auto Ltd., Jio Financial Services Ltd. and HDFC Life Insurance Co. led the gains.
Thirteen out of the 15 sectors on the NSE ended lower, with the Nifty Realty, IT and Finance declining the most.
Nineteen out of the 21 sectors on the BSE declined and two advanced out of 21, with Consumer Durables declining the most.
The broader markets ended on a mixed note as the BSE MidCap closed 1.04% down, while the SmallCap ended 0.07% higher.
The market breadth was skewed in favour of the buyers as 1,428 stocks advanced and 683 stocks declined on the NSE.
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