Benchmark stock market indices closed lower on Tuesday, as investors booked profit after three continuous days of rally. The profit booking was most evident in the IT sector stocks.
The S&P BSE Sensex was down by 42.64 points to close at 85,524.84, while the NSE Nifty50 lost 4.75 points to end at 26,177.15.
Vinod Nair, Head of Research, Geojit Investments Limited, said that the domestic market traded in a narrow range and ended flat amid mixed global cues.
“Selling pressure persisted across most sectors, though financials and FMCG offered marginal support. Going forward, investors are positioning for the next earnings season and monitoring evolving Fed policy expectations, as ratecut probabilities are slowly inching up for the January meeting,” he added.
Among the top five gainers, ITC rose 1.27%, followed by UltraTech Cement which gained 1.15%. Tata Steel advanced 1.03%, HDFC Bank added 0.94%, and NTPC climbed 0.78%, helping limit the overall downside.
On the other hand, the worst losers clearly highlighted the pressure on the market. Infosys fell the most, down 1.45%, while Bharti Airtel slipped 0.97%. Adani Ports dropped 0.95%, Sun Pharmaceutical Industries declined 0.93%, and Tech Mahindra lost 0.88%.
“While an improving domestic demand outlook provides underlying support, uncertainty around global trade negotiations and the trajectory of the rupee will continue to influence sentiment,” said Nair.
