Stock Market Updates Today: Equity benchmark index Sensex tumbled 1,053 points to close below the 71,000 level on Tuesday, dragged down by index heavyweights HDFC Bank, Reliance Industries and SBI amid mixed global cues.
Concerns over subdued quarterly performance by corporates triggered selling pressure in most of the counters, according to traders.
After opening with gains of nearly 450 points, the 30-share BSE Sensex fell 1,053.10 points or 1.47 per cent to settle at 70,370.55.
The index hit the lowest intraday level of 70,234.55. It also touched an intraday high of 72,039.20.
Broader Nifty also declined 330.15 points or 1.53 per cent to close at 21,241.65.
Among the Sensex firms, IndusInd Bank was the biggest loser and fell 6.13 per cent, followed by SBI (3.99 pc), Hindustan Unilever (3.82 pc), Axis Bank (3.41 pc) and HDFC Bank (3.23 pc).
In contrast, Sun Pharma, Bharti Airtel, ICICI Bank and PowerGrid defied the trend and closed with gains of up to 3.67 per cent. TCS and Bajaj Finserve were the other gainers.
A total of 24 stocks of the 30-share index closed with losses.
Equity benchmark indices opened with a positive note on Tuesday led by robust buying in healthcare and IT sector stocks.
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On Saturday, the 30-share BSE Sensex fell 259.58 points or 0.36 per cent to settle at 71,423.65. The Nifty declined 50.60 points or 0.23 per cent to close at 21,571.80.
Global oil benchmark Brent crude slipped 0.03 per cent to USD 80.04 a barrel.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 545.58 crore on Saturday, according to exchange data.
Trends To Dominate Markets This Week
Quarterly earnings, global trends and trading activity of foreign investors will drive stock markets in this holiday-shortened week.
Equity markets would also remain closed on Friday for Republic Day.
“Anticipations surrounding the upcoming budget may drive stock and sector-specific movements. Globally, attention will be directed towards Japan’s monetary policy and the US economic data, with a continued watch on geopolitical developments,” Santosh Meena, Head of Research, Swastika Investmart Ltd, said.
The past week witnessed continued volatility in the market, characterised by Nifty and Sensex ending with a substantial decline of over 1 per cent, exacerbated by Bank Nifty’s notable underperformance, primarily attributed to a significant drop in HDFC Bank’s shares post earnings, Meena said.
The aggressive selling by Foreign Institutional Investors (FIIs) following HDFC Bank’s results added further pressure to the overall market, he added.
Trading pattern of global oil benchmark Brent crude and rupee-dollar trends would also influence trading in the markets.
