Sensex Ends 29 Points Lower, Nifty At 22,945; IndusInd Bank Down 2% – News18
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Benchmark equity indices BSE Sensex and Nifty50 were flat with marginal gains at open on Tuesday.
Stock Market Today
Sensex Today: Benchmark equity indices remained range-bound with a slight negative bias on Tuesday, mirroring trends from global markets.
The BSE Sensex dropped to a low of 75,531 but ultimately ended with a marginal loss of 29 points, closing at 75,967. The NSE Nifty 50 touched an intraday low of 22,801 and a high of 22,992 before settling at 22,945, down 14 points.
Among the top gainers in the Sensex 30 were power sector giants NTPC and Power Grid Corporation, which rose by up to 3%. Tech Mahindra, Zomato, HCL Technologies, and Kotak Mahindra Bank also saw gains. On the flip side, IndusInd Bank, Hindustan Unilever, UltraTech Cement, Mahindra & Mahindra, and TCS each fell by 1-2%.
In the broader market, the BSE MidCap index closed largely flat, while the BSE SmallCap index saw a notable decline of nearly 1.5%. The market breadth was skewed towards the bears, with nearly three times as many stocks declining on the BSE compared to those advancing.
The ongoing market correction in India over the past few months has significantly impacted the shares of listed stock brokers on the National Stock Exchange (NSE), with some stocks falling by as much as 70%. While the Nifty 50 has seen a 9% drop since September 18, 2024, most listed brokers have fared worse, with companies such as TruCap Finance, Geojit Financial Services, 5Paisa Capital, Prime Securities, SMC Global Securities, and Arihant Capital Markets underperforming the index, with their shares falling between 30% and 70%, according to data from ACE Equity.
Finance Minister Nirmala Sitharaman explained that the recent profit-booking by foreign investors can be attributed to the strong returns currently being generated by the Indian economy. At a post-Budget press conference, she emphasized that India is focused on becoming an investor-friendly destination.
The government has implemented several measures in recent years to rationalize customs duties, aiming to boost investor confidence.
“FIIs tend to exit when they are in a position to book profits. Today, the Indian economy offers an environment where investments are yielding good results, prompting this profit-booking activity,” Sitharaman stated.
Global Cues
As of 9:06 a.m. Tokyo time, global equity markets showed a mixed performance, with some major indices experiencing modest gains while others saw slight declines. S&P 500 futures rose by 0.1%, indicating a positive but cautious start to the trading day for U.S. markets. Similarly, Hang Seng futures gained 0.3%, reflecting optimism in the Hong Kong stock market. Japan’s Topix saw a more notable rise of 0.4%, driven by positive sentiment in the local equity market. However, Australia’s S&P/ASX 200 index saw a decline of 0.4%, reflecting weaker investor sentiment in the Australian market. In Europe, Euro Stoxx 50 futures rose by 0.6%, signaling a positive outlook for the European markets as they prepared to open. Overall, the mixed performance across different regions highlights varying investor sentiment globally, with some markets benefiting from optimism, while others face challenges that dampen their growth potential.
