Sensex Snaps 3-Day Winning Run, slips 359 points, Nifty ends below 16,600

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Sensex and Nifty settled on a lower note today.

New Delhi:

Indian equity benchmarks broke their three-day winning streak on Tuesday to settle lower as losses in banking and consumer durables stocks countered gains in metals and autos. Investors had been waiting for gross domestic product (GDP) data for the March quarter, due at 5:30 p.m. today.

National indexes fell in line with global peers after a rise in inflation in Germany heightened fears of impending interest rate hikes.

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The 30-stock BSE Sensex slipped 359 points or 0.64% to close at 55,566, while the broader NSE Nifty fell 77 points or 0.46% to settle at 16,585.

Mid and small cap stocks ended on a mixed note as Nifty Midcap 100 edged down 0.13% and small caps rose 1.24%.

10 of 15 sector gauges – compiled by the National Stock Exchange – settled into the red. The Nifty Bank and Nifty Consumer Durables sub-indices underperformed the platform, falling as much as 0.95% and 0.74%, respectively.

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On the equity-specific front, Kotak Mahindra Bank was the biggest loser from Nifty as the stock fell 3.48% to Rs 1,837. Sun Pharma, HDFC, Reliance Industries and Shree Cement were also among the laggards.

However, the overall market breadth remained positive, with 1,761 stocks rising while 1,589 fell on BSE.

On the BSE 30-stock index, Sun Pharma, Kotak Mahindra Bank, HDFC, Titan, Infosys, SBI, Axis Bank, Reliance, HDFC Bank, L&T, IndusInd Bank and Bajaj Finance were among the major losers.

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Additionally, Life Insurance Corporation of India (LIC), the country’s largest insurer and largest domestic financial investor, fell 3.05% after reporting a drop in March quarter profits in its first results since reporting. lackluster start to the market earlier this month.

On the other hand, M&M, NTPC, PowerGrid, Tech Mahindra, Tata Steel, ITC, ICICI Bank, Wipro and Asian Paints finished in the green.

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