Sensex Falls 238 Points, Nifty Dips Below 24,200; HDFC Bank and Infosys Lead Losses
- Sensex ended 238 points lower, Nifty closed below 24,200.
- HDFC Bank and Infosys were the top drags on the indices.
- Broader market sentiment remained cautious amid global cues.
Markets End in Red
Indian equity benchmarks ended Tuesday's session in negative territory. The BSE Sensex closed 238 points lower, while the NSE Nifty slipped below the 24,200 mark. Selling pressure was broad-based, with banking and IT stocks leading the decline.
The Sensex closed at 79,846, down 0.3% from the previous close. The Nifty ended at 24,192, shedding 0.35%. Market breadth was negative, with more stocks declining than advancing on both exchanges.
HDFC Bank, Infosys Drag Indices
HDFC Bank and Infosys were the top losers on the Sensex. HDFC Bank shares fell over 1.5%, contributing significantly to the index decline. Infosys also dropped nearly 1.2%, weighing on the IT sector.
Other laggards included Reliance Industries and ICICI Bank, which slipped 0.8% and 0.6% respectively. The banking sector was under pressure, with the Nifty Bank index falling 0.5%.
Broader Market Sentiment
Global cues remained mixed, with investors tracking developments in the US Federal Reserve's policy stance. Concerns over rising crude oil prices and geopolitical tensions also weighed on sentiment.
Midcap and smallcap indices also ended lower, though losses were relatively muted. The BSE Midcap index fell 0.2%, while the BSE Smallcap index slipped 0.1%.
Traders said profit-booking at higher levels and lack of fresh triggers kept the markets subdued. “The market is consolidating after recent gains. Until a clear catalyst emerges, we may see range-bound movement,” an analyst noted.
On the positive side, select auto and pharma stocks managed to buck the trend. Maruti Suzuki and Sun Pharma closed with marginal gains.
The rupee also weakened slightly against the US dollar, closing at 83.50, down 2 paise from Monday's close. Bond yields remained steady.
Foreign institutional investors were net sellers in the cash market, offloading shares worth about ₹1,200 crore, provisional data showed. Domestic institutional buyers remained net buyers, providing some support.
Market participants will now watch for corporate earnings reports and global economic data for further direction. The next session is expected to remain volatile.