Sensex, Nifty spiral lower for 4th day; IT stocks buck trend

Meanwhile, global oil benchmark Brent crude was trading 1.30 percent higher at USD 41.98 per barrel.

Mumbai: Equity benchmarks buckled under selling pressure for the fourth session on the trot on Tuesday as wary investors took money off the table amid concerns over economic recovery and weak global cues.

A depreciating rupee and stretched valuations in frontline stocks further weighed on risk appetite, traders said.

The 30-share BSE Sensex settled 300.06 points or 0.79 percent down at 37,734.08.

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Similarly, the broader NSE Nifty fell 96.90 points or 0.86 percent to finish at 11,153.65.

Maruti was the top loser in the Sensex pack, shedding 2.83 percent, followed by L&T, IndusInd Bank, Axis Bank, ONGC, HDFC, Reliance Industries, Asian Paints, and Kotak Bank.

IT stocks led the gainers’ chart, with HCL Tech, TCS, and Tech Mahindra spurting up to 2.43 percent.

Other winners included Sun Pharma, ICICI Bank, and UltraTech Cement.

Asian markets ended in the red following heavy selling on Wall Street overnight. European bourses stabilized after Monday’s sell-off, though concerns over the second wave of COVID-19 cases remained an overhang.

“Indian indices witnessed another day of volatility, with indices losing ground in the latter half of the trading day, as the broader markets also underperformed…Doubts about the timing of a global economic recovery emerged, following talks of further restrictions to contain a resurgence in virus infections around the world, especially in Europe.

“This uncertainty hit the Indian markets also, which have been driven by liquidity and the expectation that the economy and earnings would be back on track soon. Markets seem to be consolidating and taking stock of the situation. Investors are advised to stay cautious,” said Vinod Nair, Head of Research at Geojit Financial Services.

BSE industrials, capital goods, oil and gas, energy, realty, and auto indices lost as much as 2.49 percent, while IT and Tech indices finished higher.

Broader BSE mid-cap and small-cap indices slumped up to 1.70 percent.

Bourses in Shanghai, Hong Kong, and Seoul ended with losses. Stock exchanges in Europe opened on a positive note.

Meanwhile, global oil benchmark Brent crude was trading 1.30 percent higher at USD 41.98 per barrel.

In the forex market, the rupee depreciated 20 paise to close at 73.58 against the US dollar.

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