Sensex and Nifty tumbled for the second straight session today as concerns over growing cases of Delta variant of Covid -19 in UK, US and most parts of Asia impacted global markets.
Sensex ended 354 points lower at 52,198, and Nifty fell 120 points to 15,632.
On an intra day basis, Sensex fell 540 points to 52,013 and Nifty lost 174 points to 15,578.
IndusInd Bank was the top Sensex loser, shedding over 3 per cent, followed by Tata Steel, NTPC, Bharti Airtel, HCL Tech, ICICI Bank, M&M and HDFC Bank.
On the other hand, Asian Paints rallied over 6 per cent after its Q1 earnings. UltraTech Cement, Bajaj Auto, HUL and Nestle India were among other Sensex gainers rising up to 1.52%.
Of 30 Sensex stocks, 21 closed in the red.
BSE midcap and small cap indices fell 295 points and 379 points, respectively. Banking stocks were the top losers with BSE bankex falling 713 points to 39,074.
Shrikant Chouhan, Executive Vice-President, Equity Technical Research at Kotak Securities said, "Technically, market closed above the 15,600/52,100 level, we believe the pain is not over and the Nifty/Sensex would move to the 15,450/51,600 or 15,300/51,000 levels in the next few days.
On the upside, 15680/52350 and 15750/52500 levels would be major obstacles. India VIX has grown the most since May 2021 at 15%. Bank Nifty broke support at the 34,600 level, pushing the index to the 33,900 level. Until the market crosses the 15,750/52,500 level and closes at the 15,750/52,500, the strategy should be to reduce the weak long positions."
Other major sectoral losers were metal and capital goods shares whose BSE indices lost 460 points and 340 points, respectively.
All 19 BSE sectoral indices closed in the red.
Market cap of BSE-listed firms fell to Rs 231.01 lakh crore against previous close of Rs 233.21 lakh crore.
Market breadth was negative with 1,137 shares rising against 2,098 stocks falling on BSE. 108 shares were unchanged.
Meanwhile, Indian rupee bucked the trend and closed higher today.
The rupee reversed early losses to close 27 paise higher at 74.61 against the US dollar on Tuesday amid a weak greenback overseas.
The currency opened weak at 74.93 a dollar and touched a low of 74.95 and high of 74.55 during the day.
On Monday, the rupee had settled at 74.88.
On the global front, bourses in Shanghai, Hong Kong, Seoul and Tokyo ended with losses, while equities in Europe were largely trading with gains in mid-session deals.
Meanwhile, international oil benchmark Brent crude advanced 0.35 per cent to $68.86 per barrel.
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