Sensex, Nifty End Lower As Losses In Reliance, Infosys Outpace Gains In Banks


The Indian equity benchmarks edged lower on Tuesday as strong gains in banking shares were outpaced by losses in index heavyweights Reliance Industries, Infosys, Tata Consultancy Services, Hindustan Unilever and Tech Mahindra. The benchmarks moved closer to record highs on the back of strong buying interest in banking and financial services heavyweights. However, due to profit booking near record highs in Reliance Industries, Infosys, TCS and Hindustan Unilever led to Sensex falling as much as 325 points from day’s highest level and Nifty touched an intraday low of 15,801 after hitting 15,914.20 earlier in the session.

The Sensex ended 19 points lower at 52,861 and Nifty 50 index declined 16 points to settle at 15,818.

Seven of 11 sector gauges compiled by the National Stock Exchange ended lower led by the Nifty Auto index’s nearly 2 per cent fall. Nifty IT, FMCG, Metal, PSU Bank and Realty indices also fell between 0.4-1.4 per cent.

On the other hand, Nifty Bank, Financial Services and Private Bank indices jumped around 1 per cent.

Mid- and small-cap shares also faced selling pressure as Nifty Midcap 100 index declined 0.1 per cent and Nifty Smallcap 100 index dropped 0.7 per cent.

Tata Motors was top Nifty loser, the stock fell 8.5 per cent to close at Rs 317 after the parent of luxury car maker Jaguar Land Rover warned of negative operating profit margin or EBIT margin in the second quarter of current financial year as it expects chip supply shortages to be greater than in the first quarter.

Source link