Sensex Snaps 3-Day Winning Run, Slips 359 points, Nifty Ends Below 16,600

Sensex and Nifty settled on a lower note today.

New Delhi:

Indian equity benchmarks on Tuesday halted their three-day winning streak to settle lower as losses in banking and consumer durable stocks countered gains in metal and automobiles. Investors awaited the March quarter gross domestic product (GDP) data, due at 5:30 pm today.

The domestic indices fell in line with the global peers after a hot inflation reading in Germany heightened fears of looming interest rate hikes.

The 30-share BSE Sensex slipped 359 points or 0.64 per cent to close at 55,566, while the broader NSE Nifty moved 77 points or 0.46 per cent down to settle at 16,585.

Mid- and small-cap shares finished on a mixed note as Nifty Midcap 100 edged 0.13 per cent lower and small-cap rose 1.24 per cent.

10 out of the 15 sector gauges — compiled by the National Stock Exchange — settled in the red. Sub-indexes Nifty Bank and Nifty Consumer Durables underperformed the platform by falling as much as 0.95 per cent and 0.74 per cent, respectively.

On the stock-specific front, Kotak Mahindra Bank was the top Nifty loser as the stock cracked 3.48 per cent to Rs 1,837. Sun Pharma, HDFC, Reliance Industries and Shree Cement were also among the laggards.

However, the overall market breadth stood positive as 1,761 shares advanced while 1,589 declined on BSE.

On the 30-share BSE index, Sun Pharma, Kotak Mahindra Bank, HDFC, Titan, Infosys, SBI, Axis Bank, Reliance, HDFC Bank, L&T, IndusInd Bank and Bajaj Finance were among the top losers.

Also, Life Insurance Corporation of India (LIC), the country’s biggest insurer and largest domestic financial investor, dropped 3.05 per cent after reporting lower March quarter profit in its first results since a lacklustre market debut earlier this month.

In contrast, M&M, NTPC, PowerGrid, Tech Mahindra, Tata Steel, ITC, ICICI Bank, Wipro and Asian Paints finished in the green.

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