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Bears keep a tight grip at D-Street: Sensex ends 48 points lower, Nifty below 11,350

PTI     July 23, 2019

Equity benchmarks Sensex and Nifty clocked losses for a fourth straight session on Tuesday due to intense last-hour selling mainly in financial and auto stocks.

After swinging 319 points, the 30-share index ended 48.39 points or 0.13 per cent lower at 37,982.74. It hit an intra-day low of 37,898.90 and a high of 38,217.81.

The broader NSE Nifty slipped 15.15 points or 0.13 per cent to close at 11,331.05. During the day, the index hit a low of 11,302.80 and a high of 11,398.15.

Top losers in the Sensex pack included SBI, HDFC twins, Bajaj Auto, ONGC and Tata Steel, falling up to 2.49 per cent.

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On the other hand, PowerGrid, Kotak Bank, Hero MotoCorp, ITC and Asian Paints rose up to 2.94 per cent.

Market has been witnessing a sell-off broadly brought about by foreign investor outflow, disappointing budget and a generally dismal earnings season, Sanctum Wealth Management Chief Investment Officer Sunil Sharma.

"Markets could likely continue to be under pressure in the near term as we move through a challenging earnings season," he said.

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Elsewhere in Asia, Shanghai Composite Index, Hang Seng, Kospi and Nikkei ended higher. Similarly, bourses in Europe were also trading in the green in their respective early sessions.

On the currency front, the Indian rupee depreciated marginally to to 68.94 against the US dollar (intra-day).

Meanwhile, the global oil benchmark Brent crude futures were trading 0.16 per cent lower at USD 63.16 per barrel.

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