Indian stock markets ended in red on Tuesday with blue-chip energy stocks, including Reliance Industries, dragging the benchmark indices down amid mixed cues from global peers.
BSE Sensex provisionally closed down 0.2% at 27,235.66 points, while NSE Nifty fell below the 8,400-mark to end the day down 0.2% at 8,398 points.
Following a negative start to the week, benchmark indices today opened in the
NTPC, Asian Paints, Axis Bank, HUL and Hero Motocorp were the top gainers on Nifty, while Reliance Industries, Coal India, Adani Ports, ONGC and Grasim were the top losers.
Reliance Industries shares tumbled despite the company reporting a decent rise in fiscal third quarter net profit, mainly on worries that its planned capital expenditure on its telecommunication venture would drag the company’s finances. RIL ended down 3.25% at Rs 1041.25 on NSE, its lowest level since December 14.
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Among other gainers were shares from alcoholic beverages, paints and pigments, tobacco, personal care and power. Iron and steel, glass, rubber and petroleum stocks were among the others to lose. Angel Broking said a strong profit booking after posting a high of 8,440.90 points dragged the index lower.
“Foreign institutional investors (FIIs) continue to be negative and net sold Indian equities worth Rs 347.25 crore, in yesterday’s trade. Domestic institutional investors (DIIs) on the other hand net bought Indian equities worth Rs 203 crore, in yesterday’s trade. On the sectoral front, the metals index on the National Stock Exchange (NSE) fell by nearly 1.5%. The FMCG index on the other hand registered gains of more than 1%,” said Karthikraj Lakshmanan, Senior Fund Manager – Equities, BNP Paribas Mutual Fund.
In its technical outlook, Angel Broking said, “As long as… intraday support of 8,370 remains intact, we may see index consolidating with a positive bias. On the higher side, we would continue with our near term levels of 8,460-8,510 (downside gap area created on November 11, 2016). The overall technical structure with a near to medium term perspective looks strong and hence, traders are advised not to create or remain on a short side. Any minor dips are likely to get bought into and hence, traders should continue with their stock centric approach to initiate fresh long positions.”
Shanghai’s benchmark stock index rose on Tuesday after continuously losing for five days, led by a rebound in smallcaps. Japan’s Nikkei fell to its lowest in more than a month.