MUMBAI, India — Indian equity markets retreated on Tuesday, ending a six-session winning streak as investors opted to book profits, with broader global cues adding to the selling pressure.
The benchmark Sensex closed at 84,673.02, slipping 277.93 points or 0.33 percent. The 30-share index opened flat at 85,042.37, just below the previous close of 84,950.95, before drifting into negative territory as profit-taking dominated the session.
The Nifty 50 also declined, finishing at 25,910.05 — down 103.40 points or 0.40 percent.
“The domestic equity market edged lower as investors booked profits after the recent rebound, mirroring weak global sentiment,” analysts said. “Expectations of a U.S. Fed rate cut in December have diminished, weighing on sentiment, with IT, metal, and realty stocks declining amid a stronger dollar, while private banks offered some support.”
Analysts added that upcoming U.S. jobs data could be pivotal in shaping the Federal Reserve’s policy outlook. Domestically, progress in the Indo-U.S. trade deal and improved earnings projections could revive market confidence and help Nifty convincingly cross the 26,000 mark.
Among the Sensex constituents, Tech Mahindra, Eternal, Infosys, Bajaj Finserv, Bajaj Finance, Larsen & Toubro, Trent, Hindustan Unilever, HCL Technologies, Mahindra & Mahindra, TCS, BEL, HDFC Bank, ICICI Bank, and Sun Pharma were the top laggards. Meanwhile, Bharti Airtel, Axis Bank, Asian Paints, and PowerGrid closed higher.
Sectoral performance reflected the overall negative sentiment. Nifty Financial Services fell 99 points (0.36 percent), Nifty Bank dipped 63 points (0.11 percent), and Nifty Auto dropped 104 points (0.38 percent). Nifty FMCG declined 313 points (0.56 percent), and Nifty IT was down 400 points (1.10 percent), making it one of the biggest losers of the day.
Broader markets also felt the pressure. Nifty Midcap dropped 358 points (0.59 percent), Nifty Smallcap 100 fell 192 points (1.05 percent), and Nifty 100 declined 120 points (0.45 percent). (Source: IANS)
