In the early hours of trading on Tuesday, benchmark equity indices experienced a downturn as investors engaged in profit taking following a record-breaking rally. Notable bluechips like Reliance Industries and HDFC Bank witnessed selling pressure, contributing to the decline.
Indices fluctuate amid volatile trends
Sensex and Nifty, after reaching all-time highs on Monday, saw a reversal in fortunes. The 30-share BSE Sensex dropped 113.63 points to 76,376.45, while the NSE Nifty slipped 29.6 points to 23,229.60. Subsequently, both indices oscillated between highs and lows, reflecting the prevailing market volatility.
Laggards and gainers among Sensex companies
Major laggards among the Sensex companies included Reliance Industries, HDFC Bank, and Bharti Airtel, among others. Conversely, Larsen & Toubro, Tech Mahindra, and Tata Steel were among the gainers.
Global market trends and policy continuity
While Asian markets showed mixed trends, with Seoul and Tokyo trading higher and Shanghai and Hong Kong lower, US markets closed positively on Monday. The continuity in crucial ministries, as signaled by Prime Minister Narendra Modi’s retention of key portfolios, including Home, Defence, Finance, and External Affairs, was viewed positively by market experts.
Brent crude prices and Foreign Institutional Investors’ activity
Global oil benchmark Brent crude saw a slight decline, while Foreign Institutional Investors (FIIs) bought equities worth Rs 2,572.38 crore on Monday. The BSE benchmark Sensex and NSE Nifty, after breaching record levels, witnessed selling pressure towards the end of Monday’s session, closing lower.
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