The Indian stock market extended its losing streak for the fifth consecutive session on Tuesday, closing in deep red as weak global cues and continuous foreign outflows weighed on investor sentiment.
The BSE Sensex ended the day at 76,295.25, slipping 1016.55 points or 1.31%, while the Nifty50 closed at 1016.55, down 309.80 points or 1.32%. Auto and banking stocks led the decline, dragging the indices lower.
The relentless FII selling continues. FIIs have sold a whopping Rs 4486.41 crore. This takes the total outflow in February north of Rs 16000 crore.
“The ongoing uncertainty surrounding US trade policies and tariffs, coupled with domestic economic growth concerns and persistent selling by FIIs, is dampening market sentiment. The mid- and small-cap stocks experienced significant declines due to demand concerns and higher valuations. Although the RBI’s intervention provided some recovery for the rupee from yesterday’s record low, it remains under pressure and is likely to keep the market volatile in the near term. Investors are anticipating the PM’s visit to the US for any potential relief in trade uncertainty, while the US inflation data later today will also be a key focus,” said Vinod Nair, Head of Research, Geojit Financial Services.
Top gainers and losers
From the Sensex 30 pack, Bharti Airtel was the lone gainer, while all other stocks ended in the red. Among the major losers, Zomato closed in the red, down by 5.24%. Tata Steel declined 2.84%, Tata Motors fell 2.70%, Power Grid dropped 2.68%, and Larsen & Toubro slipped 2.41%, as the broader market sell-off dragged stocks lower.
In the Nifty 50 pack, Adani Enterprises led the gainers with a rise of 1.32%, followed by Grasim Industries up 0.76%, Trent gaining 0.52%, Bharti Airtel edging 0.17% higher, and Britannia adding 0.09%.
On the losing side, Eicher Motors plunged 6.70%, Apollo Hospitals dropped 6.61%, Shriram Finance declined 4.51%, Coal India fell 3.37%, and BEL slipped 3.29%.
Sectoral indices
Nifty Bank closed in the red at 49,403.40, down 1.16%, as financial stocks struggled amid weak sentiment. The broader market saw even steeper losses, with Nifty Midcap 100 plunging 3.02%, shedding over 1,500 points, while Nifty Smallcap 50 tumbled 3.50%, marking a heavy selling pressure in smaller stocks. Meanwhile, the Nifty Midcap 50 index also faced a steep decline, dropping 2.85%.
Despite recent positive triggers, such as the Union Budget and an RBI rate cut, the markets failed to gain momentum. Among other, one of the key reasons behind this downturn include US President Donald Trump announcement of a 25% tariff on steel and aluminum imports, sparking fears of escalating trade tensions.
Adding to the pressure, FPIs remained net sellers for the fourth straight day, offloading stocks worth approximately Rs 2,463.72 crore.
Gold rate today
Gold prices soared to an all-time high on Tuesday, crossing the $2,930 per ounce mark amid escalating global uncertainties and increased central bank buying.
In India, the gold rate today saw a surge, with the 22 kt gold rate today rising to Rs 8,060 per gram, while the 24 carat gold price reached Rs 8,793 per gram, according to Goodreturns. The cost of gold today for 10 grams of 22 carat gold rate today jumped by Rs 800 to Rs 80,600.