Markets

Sensex Sheds 600 Points Amid Market Jitters; Nifty Hovers around 24,500

Sensex plummeted over 600 points on Tuesday as D-street investors continued their selling spree owing to mixed global cues

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Sensex, Nifty today: Mixed global cues continued to haunt D-street investors with markets witnessing a sharp downtrend after witnessing 3 consecutive weeks of range-bound movement. Benchmark indices concluded Tuesday's trading session in the red territory. BSE Sensex plummeted over 600 points or 0.78%, ending the trading session at 80,737.51 level mark. The 50-stock index, NSE Nifty concluded the session at 24,542.50 level mark, down by 174 points or 0.70%.

According to analysts, the ongoing outflow of FII money coupled with weak global cues such as geopolitical tensions is keeping the investor mood dim. On top of that, looming uncertainty over trade deals is keeping D-street sentiment under heightened pressure.

"Markets edged lower in a volatile trading session, losing over half a percent amid weak cues. After an initial uptick, the Nifty oscillated sharply in early trade; however, a sharp decline below the short-term moving average (20 DEMA) in the latter half of the session kept the tone negative," said Ajit Mishra– SVP, research, Religare Broking Ltd.

Top Gainers and Losers

From the Sensex30 pack, almost all stocks were trading in red except Mahindra and Mahindra. Adani Ports, Bajaj Finserv, Bajaj Finance, PowerGrid, Eternal (Zomato) and IndusInd Bank were among the top losers.

Nearly all sectors were trading in red, except real estate. This was majorly owing to RBI MPC's interest rate decision scheduled this week. The Nifty Realty index rose over 1.2% or 11 points.

Nifty energy index, on the other hand, concluded the trading session at 35,549.60 level mark, down by 384 points or 1.07%.

"Profit booking is evident across sectors, except for real estate stocks, supported by expectations of an interest rate cut by the RBI. Mid- and small-cap stocks are experiencing relatively less consolidation than large caps due to better earnings growth and moderation in premium valuation," said Vinod Nair, head of research, Geojit Investments.

Market Outlook

Analysts are expecting range-bound movement to continue ahead as geopolitical uncertainties continue to paint a blurry outlook. "The domestic market remained in negative terrain amid mixed global cues, geopolitical issues and a volatile currency market led by a weak USD...while short-term consolidation is likely to persist, strong domestic-oriented players are estimated to provide outperformance against external volatility," said Nair.

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