The equity benchmark indices ended lower on Tuesday , with the Sensex falling 555 points to 75,778 and the Nifty declining 144 points to 23,635. The Nifty slipped below 23,700 and ended at its lowest closing level in three months on weekly expiry day.
The market remained weak, with 30 Nifty stocks closing lower. Financial majors and Reliance Industries were among the biggest drags, with ICICI Bank, Axis Bank, Reliance Industries and HDFC Bank among the top Nifty losers. The Nifty Bank fell 311 points to 56,778, while the Midcap Index gained 130 points to 62,916.1.
Financial stocks dragICICI Bank, Axis Bank, Reliance Industries and HDFC Bank were among the top Nifty losers, weighing on the benchmark. IT stocks under pressureInformation technology stocks remained under pressure on expectations of a Federal Reserve rate hike, with Wipro the top loser.3.
Select sectors gainDefence stocks saw buying after Defence Acquisition Council approvals, with Hindustan Aeronautics surging 4%. GE Vernova gained 9% after emerging as the lowest bidder for a Power Grid order. Midcap pharma names including Divi’s Laboratories, Piramal Pharma and Laurus Labs gained 3-4%.4.
Stock-specific movesBosch gained 2%, taking its two-day gain to 4%. Polycab moved higher, while KEI Industries ended with minor cuts, tracking copper prices. Raymond surged 11% ahead of its board meeting on fundraising, while Sansera Engineering rose 3% following a positive brokerage note.
Profit bookingMaithan Alloys, IFCI and IDBI Bank saw profit booking, falling 4-10%. Market breadth favoured declines, with the advance-decline ratio at 4:5. From the Sensex basket, Hindustan Aeronautics Ltd, Bharat Electronics Ltd, Oil and Natural Gas Corporation Ltd, Adani Ports & Special Economic Zone Ltd, Hindustan Unilever Ltd and Nestle India Ltd were the major gainers.
ICICI Bank Ltd, SBI Life Insurance Company Ltd, Axis Bank Ltd, Reliance Industries Ltd, Wipro Ltd and HDFC Bank Ltd were the biggest laggards.