Sensex falls over 100 points, Nifty slips from all-time high; MMTC, IRB Infra down up to 9%; ITI jumps 12%

Indian equity benchmarks traded lower in early trade on Tuesday amid a highly volatile session. The domestic indices were dragged by metals, state-owned banks, consumer, automobile and energy stocks. The 30-share BSE Sensex slipped 105 points or 0.16 per cent to trade at 67,021, while the NSE Nifty was down 55 points or 0.28 per cent to trade at 19,941 after scaling an all-time high of 20,110. Broader markets (mid- and small-cap shares) also felt the pain today as Nifty Midcap 100 was down 2.53 per cent and small-cap plunged 3.81 per cent.

On the global front, Asian markets were lower ahead of the key macro data from China and the US, due later this week. Overnight, Wall Street equities settled higher, aided by a rally in tech stocks.

Domestic investors now await retail inflation data for August and industrial output figures for July, scheduled to be released post-market hours today.

Foreign institutional investors (FIIs) bought Rs 1,473 crore of shares on a net basis during the previous session, while domestic institutional investors (DIIs) bought Rs 366 crore of stocks, exchange data showed.

"Recognising speculation from investment can be crucial to investing success amid current situations. Finally, all performance-chasing - selling a fund that has trailed over the last three years to pick up one that has outperformed - is speculating rather than investing. It's time to be disciplined and stick to your plan," said Shantanu Bhargava, Managing Director, Head of Discretionary Investment Services, Waterfield Advisors.

14 out of the 15 sector gauges -- compiled by the NSE -- were trading in the red. Sub-indexes Nifty Metal, Nifty PSU Bank, Nifty Consumer Durables, Nifty FMCG, Nifty Auto and Nifty Oil & Gas and Nifty FMCG were underperforming the NSE platform by falling as much as 2.18 per cent, 2.43 per cent, 1.43 per cent, 0

.68 per cent, 1.54 per cent and 1.89 per cent, respectively. On the flip side, Nifty Pharma edged 0.03 per cent higher.

On the stock-specific front, Adani Enterprises was the top loser in the Nifty pack as the stock cracked 2.07 per cent to trade at Rs 2,560.85. Adani Ports, Coal India, BPCL and NTPC fell up to 2.06 per cent.

In contrast, L&T, Divi's Labs, Dr Reddy's, ICICI Bank and Axis Bank were among the top gainers.

The overall market breadth was negative as 561 shares were advancing while 2,449 were declining on BSE.

On the 30-share BSE index, index heavyweights such as Reliance Industries, Hindustan Unilever (HUL), HDFC Bank, Bajaj Finance and SBI were among the top laggards.

Also, MMTC, IRB Infra, General Insurance Corp, Cochin Shipyard, KIOCL, JSW Energy, Gujarat Pipavav, Infibeam Avenues and Tube Investments tanked up to 8.89 per cent. On the other hand, ITI, Elgi Equipments, L&T, Lupin and Home First Finance jumped up to 12.22 per cent.

On Monday, Sensex had surged 528 points or 0.79 per cent to close at 67,127, while Nifty had moved 176 points or 0.89 per cent up to settle the session at 19,996.

Nifty outlook

"Though we tested 20,000 without any hiccups, three days of consistent close above the upper Bollinger band rings in prospects of consolidation. Towards this end, we will approach 20,050, the second objective lined up for yesterday, with caution, expecting a mean reversion. However, if Nifty succeeds in floating above 19,944, expect continued rise to 20,230, or even 20,600 without further drama in the near term," said Anand James, Chief Market Strategist at Geojit Financial Services.

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