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Key stock market indices declined for the second consecutive session on Tuesday. Tracking weak global cues, indices extended losses during the day amid broad-based selling.
The BSE Sensex closed at 58,576.37, down 388.20 points or 0.66 per cent. It recorded an intraday high of 58,794.78 and a low of 58,298.57. The Nifty 50 closed at 17,530.30 down 144.65 points or 0.82 per cent. It recorded an intraday high of 17,595.30 and a low of 17,442.35.
Over 2,200 stocks decline
The market breadth turned in favour of the decliners with 2,253 stocks declining on the BSE as against 1,166 that advanced while 97 remained unchanged. Furthermore, nine stocks hit the upper circuit as compared to the one stock that were locked in the lower circuit. Besides, 179 stocks touched their 52-week highs and nine touched their 52-week lows.
Rising bond yields, inflation concerns and increasing Covid-19 cases in some parts of the world have impacted investor sentiments. Investors are also focusing on earnings for the quarter ended March.
Mitul Shah, Head Of Research at Reliance Securities said, “Domestic equities ended lower, following sluggishness across global markets. Moreover, news on the Russia-Ukraine war, rise in bond yields and further supply disruptions due to increasing Covid infections in China, continue to perturb market sentiments.”
“Hyperinflation and risk of a policy rate hike are placing the global market on its toes and are impacting the performance of equities with a rise in yield. Inflation in India is also expected to be on the higher side in Q1FY23, it is expected to subside due to a reversal of commodity prices and improvement in supply. The domestic market is also cautious in anticipation of Q4 results,” said Vinod Nair, Head of Research at Geojit Financial Services.
Axis Bank, Kotak Bank, Powergrid, ICICI Bank and IndusInd Bank were the top gainers on the Nifty 50, while Hindalco, Coal India, Grasim, Tata Motors and Tata Steel were the top losers.
Bank stocks in focus
On the sectoral front, all indices, except Nifty Bank, Nifty Private Bank and Nifty Financial Services closed in the red. Metals, PSU Bank, realty, oil & gas and IT faced increased pressure.
Nifty Bank was up 0.36 per cent, while Nifty Private Bank was up 0.46 per cent.
Nifty Metal and Nifty Realty were down nearly 3 per cent each. Nifty Oil & Gas was down over 2 per cent. Nifty IT and Nifty PSU Bank were down over 1 per cent.
Broader indices
Nifty Midcap 50 was down 1.75 per cent, while Nifty Smallcap 50 was down 1.92 per cent. The S&P BSE Midcap was down 1.45 per cent, while the S&P BSE Smallcap was down 1.47 per cent.
The volatility index softened 0.61 per cent to 18.16.
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