Benchmark stock market indices closed lower on Tuesday, continuing their downward trend as investors remained cautious over global cues and lack of clarity over US-India trade deal.
The S&P BSE Sensex was down 250.48 points to close at 83,627.69, while the NSE Nifty50 lost 57.95 points to end at 25,732.30.
Vinod Nair, Head of Research, Geojit Investments Limited, said that domestic equities experienced a downturn due to renewed concerns about potential US tariffs on countries trading with Iran, overshadowing the initial optimism from the newly appointed US ambassador’s positive statements on the trade deal.
“Investor sentiment remained cautious amidst the rupee’s weakness, rising crude prices, higher U.S. bond yields, and persistent FII outflows,” he added.
On the losing side, Trent was the worst performer, falling 3.39%. Larsen and Toubro declined 3.25%, Reliance Industries slipped 2.14%, InterGlobe Aviation dropped 1.95%, and Maruti Suzuki India closed lower by 1.13%.
“On a brighter note, India’s December CPI remained within the RBI’s target range, reinforcing expectations of future rate cuts. However, the Q3 earnings season commenced on a subdued note, with lackluster results from a leading IT major. Profit booking was prevalent across most sectors, though small-cap stocks showed notable gains,” said Nair.
