Sensex, Nifty log losses for 2nd day on geopolitical concerns
Equity benchmark indices Sensex and Nifty declined for the second consecutive day on Tuesday, tracking intense selling pressure in market heavyweights Reliance Industries and HDFC Bank amid geopolitical tensions and renewed concerns about potential US tariff hikes.
The 30-share BSE Sensex dropped 376.28 points, or 0.44 per cent, to settle at 85,063.34. During the day, it tanked 539.52 points, or 0.63 per cent, to 84,900.10.
The 50-share NSE Nifty declined 71.60 points, or 0.27 per cent, to end at 26,178.70.
“Domestic equities experienced a correction led by large-cap stocks, with selling in heavyweights like Reliance Industries and HDFC. The market reaction was influenced by uncertainties surrounding the Venezuela-US crisis and Russian oil imports, coupled with anticipations regarding the upcoming Q3 results,” Vinod Nair, Head of Research, Geojit Investments Limited, said.
From the 30-Sensex firms, Trent tumbled 8.62 per cent after the Tata group’s retail firm’s revenue growth in the December quarter failed to cheer investors.
Reliance Industries cracked 4.42 per cent, while ITC, Kotak Mahindra Bank, InterGlobe Aviation, and HDFC Bank were also among the laggards. On the other hand, ICICI Bank, Sun Pharma, Hindustan Unilever, and State Bank of India were among the gainers.
“Indian equity markets declined for a second consecutive session, with the Nifty ending nearly 0.3 per cent lower amid profit-booking in heavyweight stocks and renewed geopolitical concerns. Sentiment was weighed down by resurfacing trade worries after comments from the US President on potential tariff hikes on India linked to Russian oil purchases. “Stock-specific pressure added to the weakness, as Reliance Industries fell over 4 per cent, its steepest intra-day decline in more than eight months, while Trent declined 9 per cent, following its weak Q3 business update,” Siddhartha Khemka - Head of Research, Wealth Management, Motilal Oswal Financial Services Ltd, said. The BSE smallcap gauge declined 0.39 per cent, and midcap dipped 0.24 per cent.
Among sectoral indices, energy tanked 1.71 per cent, oil & gas (1.22 per cent), services (1.07 per cent), capital goods (0.63 per cent), realty (0.28 per cent) and power (0.23 per cent).
