Domestic markets fell sharply on Tuesday after rising for four consecutive trading sessions with the market benchmark Sensex closing down over 360 points while Nifty 50 ends 88 points lower but manages to close above 9,800.
Domestic markets fell sharply on Tuesday after rising for three consecutive trading sessions with the market benchmark Sensex closing down over 360 points while Nifty 50 ends 88 points lower but manages to close above 9,800 after slipping to the day’s low of 9,792.05 in the intraday trade.
ITC remained the biggest loser on both the benchmark indices with shares closing down 12.63% to Rs 284.6. Shares of ITC Ltd posted their biggest intraday percentage fall since October 2012 and accounting for more than half of the losses on the indexes, dragging the benchmark Sensex over 360 points.
The 30-share barometer settled down 1.13% at 31,710.99 points paring away all the gains it had made in last six trading sessions. The broader Nifty 50 ended in negative territory down 0.9% at 9,827.15 points posting the worst fall since last two months of trading.
The top five losers on Sensex other than the major laggard ITC were Reliance Industries (down 2.03%), State Bank of India (down 0.8%), Power Grid (down 0.55%), HDFC (down 0.23%), Mahindra & Mahindra (down 0.21%).
However, shares of Asian Paints, Sun Pharma, Axis Bank, ONGC, Hero MotoCorp gained up to 1.82%. Most sectoral indices of NSE closed in red with Nifty FMCG tripping 6.7% to 25,557.25, Nifty Realty (down 0.91%), Nifty PSU Bank (down 0.41%), Nifty Metal (down 0.21%), Nifty Fin Service (down 0.17%), Nifty Media (down 0.13%). While buying in IT, pharma and auto stocks have helped the index to trim up some losses.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 58.38 crore today as per the data released by the stock exchanges.