Benchmark indices snapped their four-session winning streak amid negative cues from the global market today. While Sensex tumbled 341 points to 49,161, Nifty slumped 91.60 points to 14,850. In Monday's session, Sensex reclaimed the key 49,500 level by closing 295 points higher at 49,502 and Nifty jumped 119 points to 14,942.
Kotak Bank was the top loser on Sensex today, shedding 3 per cent, followed by HDFC, Bajaj Finance, Bajaj Finserv, Tech Mahindra, HUL and Titan.
NTPC, ONGC, PowerGrid, Sun Pharma, UltraTech Cement and SBI were among the top Sensex gainers rising up to 4.60%. Of 30 Sensex stocks, 19 closed in the red. However, BSE mid cap and small cap indices rose 125 points and 190 points, respectively.
Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities said, "Technically, on intraday charts, the market has formed a lower top kind of formation, but at the same time, Nifty took support near its 50-day SMA which is broadly positive for the market. We are of the view that, post strong uptrend rally, bulls may prefer to take a temporary pause near 14950/ 49500 and because of weak global market conditions the market likely to consolidate between 14750 to 14900/ 48500-49300 price range."
Banking, metal and IT stocks led the losses with BSE bankex, metal index and IT indices falling 386 points, 218 points, and 190 points respectively. Bank Nifty too fell 270 points to 32,872 in trade today. Oil and gas stocks capped the losses with their BSE index gaining 419 points to 16.047.
Investor wealth hit all-time high of Rs 213.41 lakh crore on BSE today against previous close of Rs 213.28 lakh crore. The surge came on the back of rise in midcap and small indices.
Meanwhile, market breadth was positive with 1,845 stocks ending higher against 1,204 shares ending lower on BSE. The rupee reduced its early losses to close almost flat at 73.34 (provisional) against the US dollar on Tuesday amid a lacklustre trend in the domestic equity markets. The rupee registered a rise of 1 paisa over its previous close of 73.35 against the US dollar.
Shares dropped Tuesday in Asia after selling of several Big Tech companies pulled US benchmarks lower. Germany's DAX sank 2% to 15,101.18 while the CAC 40 in Paris gave up 1.8% to 6,272.36. Britain's FTSE 100 lost 2% to 6,980.62. U.S. futures also augured losses, with the contract for the S&P 500 down 0.6% and that for the Dow industrials 0.4% lower. Tokyo's Nikkei 225 gave up 3,1% to 28,608.59 while the Hang Seng in Hong Kong fell 2% to 28,013.81. In Seoul, the Kospi dropped 1.2% to 3,209.43.